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Department of Justice issued a second request for information Tuesday as part of its antitrust review of Fox Corp.'s planned $22 billion acquisition of Roku, extending the regulatory waiting period and complicating what both companies have characterized as a routine process.
The tension is real: the deal's strategic logic holds, but the line between routine review and genuine structural concern is precisely what the coming months will determine.
What the DOJ is watching The case for this combination has always rested on unit economics, specifically the pairing of Roku's connected-TV operating system, embedded in millions of televisions and streaming devices, with Fox's content portfolio and its free, ad-supported streaming service Tubi.
Lachlan Murdoch, Fox's chief executive, has said he expects the two businesses to operate separately while selling advertising across both platforms. That cross-selling thesis is where the product logic concentrates.
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