News Corp acquires the online real estate business Move Inc.
Acquisition brings with it the website realtor.com, the official website of the National Association of Realtors, and other real estate properties
News Corp today announced that it has acquired Move Inc., the online real estate business behind such popular websites as realtor.com and Move.com. News Corp will acquire all the outstanding shares of Move for $21 per share, or about $950 million.
“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,” said Robert Thomson, Chief Executive of News Corp.
“We intend to use our media platforms and compelling content to turbo-charge traffic growth and create the most successful real estate website in the US. We are building on our existing real estate expertise and expect to leverage the potential of Move and its valuable connections with Realtors and consumers around the country, Thomson said.
The acquisition is a major investment in the real estate information business. The website realtor.com, for instance, is the official website of the National Association of Realtors – and Move also owns ListHub, the digital platform that syndicates MLS data to more than 130 online publishers and 800 websites.
Move generated $227 million in revenue last year. But Move was not profitable in 2014 and may have sought a buyer to bail it out. Through Q2 of 2014, while revenue was still growing, its net income was a loss of $11.5 million, due mostly to interest expenses.
In June of this year, Move reported that its online real estate services had experienced a distributed denial of service attack.