Fox's $22 billion plan to acquire Roku has hit a new regulatory hurdle. The US Department of Justice sent both companies a 'second request' on Tuesday, demanding additional data and documents as it takes a closer look at the proposed deal.
A second request is a standard step in major antitrust reviews, but it means the DOJ has more questions than it could answer from the companies' initial filings. It does not necessarily signal that regulators are preparing to block the deal, but it extends the review timeline significantly.
The scrutiny is warranted by the deal's unusual scope. Fox owns a massive collection of news, sports, and entertainment content, plus Tubi, its free ad-supported streaming service. Roku operates one of the largest platforms sitting between viewers and that content — its OS is built into millions of TVs and streaming devices, giving the company significant influence over how consumers discover and watch streaming services.
The combination raises obvious competitive questions: Would a Fox-owned Roku give Fox services more prominent placement? Would Fox leverage Roku's user data to strengthen its advertising business? Would rival streaming services receive less favorable treatment on the home screen? Fox CEO Lachlan Murdoch has tried to reassure competitors by saying he expects the two businesses to operate separately.
The investigation also carries political weight. The DOJ has faced criticism over how it handles major media mergers, including questions about political influence around the Paramount-WBD deal. How the DOJ handles the Fox-Roku deal could serve as an important test of whether regulators give politically connected companies a free pass — especially given the Murdochs' ties to President Trump.
The deal is expected to close in the first half of 2027.
