The Real Deal New York

News Corp. paying $950M for Move as online listings space heats up

Rupert Murdoch's purchase of web operator follows Zillow's $3.5B buy of Trulia

September 30, 2014 12:20PM

From left: Move Inc. CEO Steve Berkowitz and Rupert Murdoch

From left: Move Inc. CEO Steve Berkowitz and Rupert Murdoch

Rupert Murdoch is adding real estate to his vastly growing media empire.

News Corporation, the publishing company under Murdoch’s control, is buying San Jose-based Move Inc., an operator of real estate listings websites, for $950 million in cash, according to the New York Times.

The Times also reported that News Corp will pay $21 a share through a tender offer for Move’s stock.

Move operates listing sites Realtor.com and Move.com, among others, and claims to draw roughly 35 million to their real estate listings every month. Last year, Move reported $600,000 in profit and $227 million in revenue, the New York Times reported.

“This acquisition will accelerate News Corp’s digital and global expansion and contribute to the transformation of our company, making online real estate a powerful pillar of our portfolio,” Robert Thomson, News Corporation’s chief executive, said in a statement, according to the Times.

Two months ago, online real estate listings service Zillow bought rival Trulia for $3.5 billion. [NYT] — Claire Moses

  • Mzuckerberg

    Sounds like a MySpace deal. I guess they have too much money to know what to do with. Also, a business that only profits $600K out of $300M in revenue seems fickle in it’s profits.

    • PM

      It’s probably a new plaything for baby James to keep him occupied rather than meddling in other media matters.

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