Tuesday
May 24, 2016

It's Final: News Corp Acquires Realtor.com®

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It's Final: News Corp Acquires Realtor.com®

Media giant News Corp has officially completed its acquisition of Move, Inc., firming up its stake in the online real estate arena and tying its name to the REALTOR® brand. Move, Inc. is a leading provider of online real estate services and the operator of realtor.com®.

Get more details: News Corp Bets on REALTORS® and NAR's FAQ on News Corp Agreement to Purchase Move Inc.

News Corp says the merger will extend the media company’s global and digital operations as well as “bolster the real estate pillar of its business.”

“In partnership with the National Association of REALTORS® and its one million members, we look forward to turbo-charging realtor.com® and making it the most popular and profitable property site in America,” Robert Thomson, chief executive of News Corp, said in a statement.

News Corp, a media and publishing business of which Rupert Murdoch serves as the executive chairman, owns such titles as The Wall Street Journal and Barron’s. It also has a majority ownership of the REA Group Ltd., a leading Australian residential property website.

The Move network of websites reaches more than 30 million online visitors per month.

“We provide people with the information, tools and professional expertise they need to make the best and most informed real estate decisions, and we work to uphold the indispensable role of the professional in the real estate experience,” Steve Berkowitz, chief executive officer of Move, told REALTOR® Magazine in late September after the merger was announced.   “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.”

National Association of REALTORS® President Chris Polychron praised the deal. 

“The National Association of REALTORS® is excited about NewsCorp’s successful acquisition of Move, Inc.," Polychron said in a statement released this morning. "REALTORS® are about making consumers’ real estate dreams a reality, and the unique strengths of News Corp, Move, and our REALTOR® members will enhance our ability to do that. NAR looks forward to its new partnership with News Corp and is committed to working with both companies to seek and develop new opportunities that help REALTORS® and consumers flourish in today’s real estate marketplace.”

Source: News Corp