Fox Corp. and Roku disclosed on Wednesday that they have received a “second request” for information from the U.S. Department of Justice (DOJ) regarding Fox’s proposed $22 billion acquisition of the streaming platform. The request, received on September 8, 2026, marks a formal intensification of the federal antitrust review of the deal.
In a Wednesday SEC filing, Fox characterized the DOJ’s move as “expected” and routine for a transaction of this magnitude. The action formally extends the waiting period under the Hart-Scott-Rodino (HSR) Act, effectively blocking the merger from closing until 30 days after both companies have substantially complied with the data request. Fox now expects the transaction to close in the first half of 2027.
Following the disclosure, Roku shares fell 1.6% to approximately $153 in Wednesday morning trading, while Fox Corp. shares dipped 1.5%. The current market price of Roku reflects a roughly 4.4% arbitrage gap below Fox’s $160 per share offer price. The merger agreement, announced in June 2026, is structured as a mix of cash and Fox Class A common stock.
Antitrust Focus on FAST Market Dominance
The regulatory scrutiny centers on the potential consolidation of the free ad-supported streaming television (FAST) market. The merger would bring together Fox’s Tubi and The Roku Channel, two of the largest players in the sector. Combined, the entities reach a base of more than 100 million monthly active users, a scale that has drawn attention from both regulators and lawmakers.
The DOJ’s request follows a July 2026 letter from Senator Elizabeth Warren and other members of Congress, who urged the department to scrutinize the deal. The lawmakers cited concerns that the acquisition could lead to market consolidation that harms competition in digital advertising and limits options for streaming consumers.
Analysis of the deal suggests the “second request” will likely involve a deep dive into how the combined company would manage its distribution power versus its content ownership. While Fox CEO Lachlan Murdoch stated in June that he expects to keep Tubi and The Roku Channel as separate services, the DOJ review will evaluate whether such an arrangement is sufficient to prevent anti-competitive behavior or if a more formal consent decree—or divestitures—will be required for approval.
The extended timeline suggests that the regulatory phase will now occupy much of the next nine months as the companies compile the massive volume of internal documents and economic data required by federal investigators.
