The Justice Department's Antitrust Division on Friday closed its investigation into Fox Corporation's proposed $22 billion acquisition of Roku, clearing the takeover after finding it unlikely to harm competition in free, ad-supported streaming.
Fox announced its intent to acquire Roku on June 15. The Division examined whether the deal could weaken competition among streaming providers and whether Fox, controlling Roku's platform, could disadvantage rival content carried on it.
The Division concluded that new entry by free, ad-supported streaming providers would be timely, likely and sufficient to make a substantial risk of harm to competition unlikely. Viewers can also switch platforms easily, and Roku depends on carrying a broad range of content to attract them — so degrading Fox's rivals would carry real financial and reputational costs for the combined company.
As part of the clearance, Fox committed to keep Roku operating as an open and neutral platform: it will continue carrying non-Fox content for at least three years, maintain non-discriminatory search and content placement for rival content, keep data firewalls in place, provide data products on reasonable terms, and preserve viewers' ability to rearrange the apps on their home screens. The Division said it will continue evaluating competition in the industry and may take action if the facts or circumstances change.
For the millions of households who stream through Roku, the decision means Fox can take over the platform — but on the record, with federal promises that rival services cannot be buried, blocked or pushed aside on it for at least three years, and with the Justice Department still watching.
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