Fox Says DOJ Taking Closer Look at Roku Megadeal
The U.S. Department of Justice is taking a closer look at Fox Corp.’s $22 billion megadeal for Roku, the media company said Wednesday, potentially signaling regulatory scrutiny on a deal that would turn it into a digital video power player.
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In a securities filing Wednesday, Fox said: “On September 8, 2026, as expected, each of FOX and Roku received a request for additional information and documentary material (the ‘Second Request’) from the U.S. Department of Justice (the ‘DOJ’) in connection with the DOJ’s review of the Mergers.”
“Issuance of the Second Request extends the waiting period under the HSR Act until 30 days after both FOX and Roku have substantially complied with the Second Request, unless the waiting period is terminated earlier by the DOJ or FOX and Roku otherwise agree to extend the waiting period,” the filing continued. “FOX and Roku will continue to work cooperatively with the DOJ in its review of the Mergers.”
Fox says it still believes the deal is on track for a first half of 2027 close for the deal, which was announced in June.
While the company says the second request was expected (indeed, they are not at all unusual for major deals), it nonetheless signals that there could yet be some regulatory scrutiny on the merger.
It’s also hard to ignore the political elephant in the room: President Trump has frequently weighed in on major deals, and there has been a perception in the marketplace that companies with close ties to the White House are getting different treatment than companies perceived to be at odds with them. Paramount’s deal for Warner Bros. Discovery, for example, was given the green light by the DOJ despite some staff attorneys expressing concern around the deal.
In the case of Fox, while it may be seen as being closely allied with the White House, Fox News late last week said that it “parted ways” with Maria Bartiromo, sparking some anger from White House officials like Peter Navarro, and a post from President Trump commending her for her work there.
But as the Paramount-WBD merger shows, with the deal now held up because of an antitrust suit brought by state AGs, any wrench in the process can become a major holdup to dealmaking. While the DOJ request may be standard for something of this size, it could portend a more challenging path forward than the companies originally anticipated.
