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
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