Fox’s $22 billion acquisition of Roku is positioned to clear antitrust scrutiny from the United States Justice Department and move forward under a consent decree, according to individuals familiar with the deliberations. While insiders caution that the department could still alter its course, the anticipated resolution suggests the massive media and streaming merger will survive regulatory examination.
The exact terms and requirements of the contemplated consent decree remain unspecified. Representatives for Fox declined to comment on the ongoing regulatory process, and Associate Attorney General Stanley Woodward likewise declined to discuss the specific transaction. However, Woodward issued a broader statement emphasizing the administration’s regulatory stance. “However, we can affirm that this DOJ under President Trump’s leadership will continue to prioritize affordability for all Americans across our economy,” he said.
The high-profile merger aims to combine Fox’s extensive news and sports content portfolio with Roku’s leading connected-television operating system. Industry competitors have voiced strong reservations, expressing concern that Fox might prioritize its proprietary programming on the platform. Furthermore, Roku operates a free, ad-supported streaming channel that directly competes with Tubi, a streaming service owned by Fox. Fox CEO Lachlan Murdoch has previously stated that his operational expectation is to maintain the two streaming businesses separately while handling advertising sales across both platforms.
Antitrust regulators expanded their investigation into the transaction through a formal “second request” inquiry, following initial reports of heightened scrutiny. That deeper regulatory dive was spurred in part by active lobbying from Newsmax majority owner Chris Ruddy. Ruddy, who characterizes himself as an ally of President Donald Trump and has a prolonged, multi-year feud with Fox owner Rupert Murdoch, sought to stall the transaction. Ruddy previously worked briefly as a reporter for the Murdoch-owned New York Post during the 1990s.
The ongoing animosity between Ruddy and the Murdoch family has persisted for over a year, centering largely on streaming distribution access for rival media assets. Representatives for the Murdoch camp have previously dismissed Newsmax’s regulatory challenges as an attempt to litigate its way out of commercial difficulties, describing the opposition as an effort to “sue their way out of their own competitive failures.” Despite Rupert Murdoch having dined with Trump on multiple occasions, Ruddy’s political maneuvering created significant anxiety among investors who feared the Roku acquisition would become permanently entangled in Washington lobbying.
Those investor concerns were amplified following unrelated corporate turbulence at Fox, including the departure of business anchor Maria Bartiromo. Fox ousted Bartiromo following an internal investigation into allegations that she leaked internal network information and communications to the Trump administration—an accusation strongly disputed by her legal counsel.
Despite the intense political lobbying and competitive friction, the impending resolution under a consent decree indicates that the proposed transaction is poised to survive federal antitrust oversight.
