Fox has closed its acquisition with Roku for a major streaming deal Fox reportedly completed its $22 billion acquisition of Roku which will suspend trading on the Nasdaq starting Friday. The deal expedites the media giant’s digital strategy and expands its business by bringing its live sports, news and local programming to Roku’s open connected TV platform exceeding more than 100 million streaming households.

It also amplifies Fox’s advertising business and solidifies its dominance in the free ad-supported streaming space.

Fox CEO Lachlan Murdoch said in a statement, “The closing of this acquisition advances the long-term strategy of FOX. Beginning today, our top priority for the combined company is to continue to relentlessly serve audiences and partners, while reinforcing the openness and choice that is the essence of the Roku platform.”

“Our shared entrepreneurial passion and clear conviction toward building the future together with our new Roku colleagues gives us great confidence in the opportunities ahead of us.”The closing comes after the deal received shareholder approval on October 1. Under the terms of the merger, Roku stockholders are entitled to receive $95.30 in cash and 0.9799 shares of Fox Class A common stock for each share of Roku Class A and Roku Class B common stock.

Roku founder Anthony Wood will join the Fox board of directors and serve as co-chair of the digital sector platforms-a new division that includes Roku, Tubi, Fox One, Red Seat Ventures and other digital services across the company.