Rupert Murdoch’s News Corp, the parent company of Dow Jones & Company, has announced that it will acquire Move Inc., an online real estate listings company, for $950 million in an all-cash transaction.
“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, CEO 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 Web site in the U.S.”
Steve Berkowitz, CEO of Move, said, “News Corp shares our vision, which is one of the many reasons this combination is such good news for our customers, consumers and the industry as a whole.”
Move, which acquired the online real estate listing syndicator ListHub in 2010, has an exclusive strategic relationship with the National Association of Realtors (NAR), which gave its consent to the purchase.
“This partnership will help shape the future of real estate,” said NAR President Steve Brown.
News Corp’s acquisition announcement marks the second time in three months that the online real estate listings environment has undergone realignment. On July 28, Trulia announced it was buying Zillow for $3.5 billion.
According to a press statement announcing the transaction, News Corp plans to broaden Move’s reach through its various media platforms, including WSJ Digital Network and News America Marketing, with the goal of boosting traffic and digital dwell times on the Move Web site by incorporating News Corp editorial content on the Move pages. News Corp’s Dow Jones & Company publishes The Wall Street Journal, Barron’s and Marketwatch.
Move, which ended 2013 with a reported $227 million in revenues, will become an operating business of News Corp and remain headquartered in San Jose, Calif.