Fox Shares Lag Roku as DOJ Issues Second Request on $22B Deal

Fox's $22 billion acquisition of Roku faces an extended antitrust review after the U.S. Department of Justice issued a second request for information. This development weighs on Fox shares while Roku trades near the proposed buyout price.

"will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile," said Lachlan Murdoch, Chief Executive Officer, Fox Corp., in a statement regarding the acquisition in June.

Antitrust Scrutiny and SEC Disclosures

On September 8, 2026, Fox and Roku received a formal request for additional information and documentary material from federal antitrust regulators. Fox Corp. disclosed the DOJ's second request in an 8-K SEC filing on Wednesday, September 9, 2026.

A second request under the Hart-Scott-Rodino Act halts the statutory waiting period for mergers, giving antitrust authorities months to investigate potential competitive harms before clearance can be granted. Despite the regulatory hurdle, Fox still expects the transaction to close in the first half of calendar year 2027, contingent upon regulatory approvals and shareholder votes.

Market Response and Stock Movements

Investor reactions have diverged across the two merging entities since the initial announcement. Fox Corp Class A (FOXA) closed at $65.85 on June 12, 2026, before falling 20.5% to $52.34 on June 16, according to Investing.com market data. The stock has since recovered to $63.89 by September 9, 2026.

Meanwhile, Roku shares traded at $152.99 as of September 9, 2026, remaining close to the proposed $160 per share acquisition consideration. Fox Corp Class B (FOX) shares quoted at $58.06, up 1.68% from a previous close of $57.10, as of September 10, 2026, at 20:00 UTC, according to Finnhub market data.

What Is at Stake for Media Consolidation

At stake is the integration of traditional broadcast media assets with a leading streaming and device platform, a combination that has drawn immediate scrutiny from antitrust regulators examining cross-market dominance in advertising and content distribution. The outcome of the DOJ review will determine whether Fox can execute its strategy to scale digital streaming operations or if the multibillion-dollar media combination will face prolonged legal challenges.