Fox Corporation has completed its acquisition of Roku, bringing the streaming platform into its business. The deal will strengthen Fox’s presence in the streaming and connected TV market.

According to a press release issued by Fox Corporation yesterday, the acquisition combines Fox’s live sports, news and local programming with Roku’s streaming platform, which reaches more than 100 million households worldwide. The deal is expected to help Fox expand its digital business and create more opportunities to reach viewers, advertisers and content partners.

Following the acquisition, Roku will continue operating as an open streaming platform, offering viewers access to thousands of apps and channels. Fox has said it will maintain and build on Roku’s open platform approach, allowing different content partners to distribute their services.

Roku founder Anthony Wood will join Fox Corporation’s board of directors. He will also serve as Co-Chair of the newly formed FOX Digital Platforms division, alongside Paul Cheesbrough, who will serve as Co-Chair and CEO of the division. It will include Roku, Tubi, FOX One, Red Seat Ventures and other digital products and services.

Fox expects the acquisition to generate approximately $400 million in annual run-rate cost savings within two years of completing the transaction. The company also expects the deal to contribute positively to its free cash flow per share by the second full year after the acquisition.

Under the merger agreement, Roku shareholders were 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 Class B common stock they held before the deal was completed. Following the transaction, existing Fox shareholders own approximately 74 percent of Fox’s outstanding common stock, while former Roku shareholders own approximately 26 percent.