DOJ demands more information on Fox's $22B Roku acquisition
The US Department of Justice sent Fox and Roku a so-called second request on Tuesday, seeking additional documents as it digs deeper into the proposed $22 billion deal. The move doesn't mean the deal will be blocked, but signals heightened regulatory scrutiny.
The US Department of Justice is deepening its antitrust review of Fox's plan to acquire streaming platform Roku for $22 billion. On Tuesday, the agency issued both companies a "second request," a standard but significant step in major merger reviews that indicates their initial filings failed to answer all of the DOJ's questions. Semafor was first to report on the investigation.
A second request doesn't necessarily mean the DOJ intends to block the deal, but it does show regulators want a closer look at how the acquisition could affect competition and consumers.
Why the deal raises questions
The transaction is seen as more than a typical media acquisition. Fox owns an extensive library of news, sports and entertainment content, along with Tubi, its free ad-supported streaming service. Roku, meanwhile, runs one of the largest platforms connecting viewers to streaming content — its operating system is built into millions of TVs and streaming devices, giving it significant sway over how consumers find and watch services.
That raises questions for competitors: whether a Fox-owned Roku would give Fox's own services more prominent placement, whether Fox could use Roku's data to boost its advertising business, and whether rival streaming services would be pushed lower on the home screen or otherwise disadvantaged. Fox CEO Lachlan Murdoch has sought to reassure competitors, saying he expects the two businesses to operate independently.
A politically sensitive backdrop
The probe comes amid criticism of how the DOJ handles major mergers, including concerns about political influence. Critics have pointed to Paramount's acquisition of Warner Bros. Discovery, noting that Paramount CEO David Ellison's father, billionaire Larry Ellison, has close ties to President Trump. Given the Murdoch family's own ties to Trump, how the DOJ handles the Fox-Roku deal could serve as a test of whether the agency applies equal scrutiny to politically connected companies. The deal is expected to close in the first half of 2027.
