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

New York /
Sep.September 30, 2014 12:20 PM

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


Related Articles

arrow_forward_ios
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Placeholder image
Zillow to pay $50M for StreetEasy
Zillow to pay $50M for StreetEasy
(iStock / Photo illustration by Priyanka Modi for The Real Deal)
Renters of color saddled with more upfront costs
Renters of color saddled with more upfront costs
Rupert Murdoch in front of One Madison on 23rd Street (Eva Rinaldi, CC BY-SA 2.0/via Wikimedia Commons, One Madison, Related Companies/Photo Illustration by Steven Dilakian for The Real Deal)
Rupert Murdoch lists One Madison condos for $78M
Rupert Murdoch lists One Madison condos for $78M
StreetEasy general manager Caroline Burton (StreetEasy, iStock)
StreetEasy to ban listings, rather than agents, that break its rules
StreetEasy to ban listings, rather than agents, that break its rules
Jessie Smith, general manager, Opendoor (Opendoor, iStock)
Homecoming: Opendoor tries iBuying in Bay Area
Homecoming: Opendoor tries iBuying in Bay Area
Uncertainty reigned over real estate stocks in January
Uncertainty reigned over real estate stocks in January
Uncertainty reigned over real estate stocks in January
900 East 132nd Street with (L-R) Rupert Murdoch and Hamid Moghadam (Loopnet, Google Maps, Getty, Prologis)
Prologis eyes massive South Bronx printing plant site
Prologis eyes massive South Bronx printing plant site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...