On June 15, 2026, Fox Corporation (“Fox”) announced it would acquire Roku, Inc. (“Roku”) (Fox Corp). The transaction combines Fox’s news, sports, and entertainment portfolio, including Tubi’s streaming service, with Roku’s connected-TV operating system, “the Roku Channel,” and a first-party data relationship that reaches over 100 million households globally. Id. Fox Executive Chair and CEO Lachlan Murdoch described the acquisition as a defining moment for Fox, continuing a streaming push that began with Fox’s acquisition of Tubi in 2020. Id. The deal is being financed, in part, by Morgan Stanley through $12 billion in bridge financing. (Al Barbarino, Law360). The deal is slated to close in the first half of 2027 after shareholder and regulatory approval. Id. While the transaction may appear to be an ordinary corporate acquisition, it presents a more consequential antitrust issue for regulators to grapple with. (Flavia Fortes, MLex). This post will examine the deal structure, then will analyze the core antitrust question: whether combining a content owner with a connected-TV gatekeeper gives the merged entity the incentive and ability to harm competitors that outweigh the deal’s claimed efficiencies.

Read More

The emergence of cryptocurrencies has revolutionized the way people hold and invest their money. For example, numerous cryptocurrencies and other digital assets now allow investors to store value in intangible forms on distributed ledger technology, commonly known as a blockchain. (U.S. Government Accountability Office). These digital investment tools, known as tokenized securities, offer several advantages to investors due to their blockchain-based structure. (CFTE). Tokenization enables decentralized investing by reducing reliance on intermediaries and giving investors greater control. Id. It also ensures clear ownership through immutable blockchain records, strong cryptographic security, and pseudonymous investing that protects investor identities. Id. Despite these benefits, there are several pitfalls to investing in digital assets, primarily regulatory uncertainty. Id. Due to the abstract and technical nature of the digital world, as well as its rapid evolution, regulators and courts have struggled to find the best way to categorize and oversee these forms of investments. The Securities and Exchange Commission (“SEC”) has grappled with this issue and has recently issued several statements and guidance attempting to establish a regulatory framework for digital assets. (SEC). This post discusses the SEC’s latest statement addressing whether a tokenized security qualifies as a security under the SEC’s longstanding legal framework and what that determination means for investors going forward.

Read More

On March 18, 2025, the Professional Tennis Players Association (“PTPA”) served a message to not only the world of tennis but also to the broader sports industry: antitrust behavior does not belong in professional sports. The PTPA, founded by former and current tennis players, advocates for players’ rights and interests and aims to maximize the power of a united player organization. (PTPA) The PTPA, accompanied by 14 named professional tennis players (and collectively with the PTPA, the “Complainants”), filed a lawsuit in the Southern District of New York against four tennis organizations, including the Association of Tennis Professionals (“ATP”) and Women’s Tennis Association (“WTA”). Compl. ¶ 3, Pospisil v. ATP Tour, Inc., 1:25-cv-02207, (S.D.N.Y. Mar 18, 2025). These two organizations dominate and control the sport by being the two main governing bodies and controlling the rankings for both men’s and women’s players. (Wilson). These organizations require that their players compete in 8-12 specific tournaments to earn points, and playing in non-sanctioned tournaments will not earn players any points. Id. Points and rankings play a vital role in players’ overall reputation and earnings throughout their careers. (Edara).

Read More