Fox Corporation announced its $22 billion acquisition of Roku on June 15 at $160 per share, and the companies said they would file a Form S-4 registration statement — the joint proxy statement and prospectus Roku shareholders need to vote on the deal — when available [1]. More than three weeks on, that S-4 still has not been filed.

The paper's July 7 brief on the S-4 sitting unfiled three weeks after the announcement named the gap between the deal date and the delivery date. Today it persists, further past the announcement, with the filing still absent. No S-4 means no scheduled shareholder vote, no proxy-review clock, and no firm close timeline beyond the deal's stated first-half-2027 expectation [1].

The terms are set: $96 in cash and 0.9693 Fox Class A shares per Roku share, with existing Fox holders projected to own about 73 percent of the combined company and Roku holders about 27 percent [1]. Both boards approved it unanimously [1]. None of that moves the vote while the registration statement is unfiled, and SEC review of an S-4 typically runs at least 30 days once it lands — so every week of delay pushes the close toward the back of that 2027 window.

That is the divergence. On X, the strategic debate happened in June and ended; the deal reads as done. In the trades, the announcement was covered exhaustively and the filing gap was not revisited. The paper's receipt is the unfiled document: a signed merger that a subscriber's ownership register still cannot act on, because the paperwork that starts the vote has not arrived.

-- CAMILLE BEAUMONT, Los Angeles