News Corp pays $1.1 billion for US realtor Move Inc

NEWS Corp will spend $1.1bn to buy a major online real estate platform, to become a leading player in the digital property market overseas.

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NEWS Corp has announced plans to spend $1.1 billion to buy a major online real estate platform it says will help the company become one of the leading players in the digital property market overseas.

The latest acquisition will see News, publisher of The Daily Telegraph, take over Move Inc, a leading online real ­estate business in the US.

News Corp chief executive Robert Thomson said the ­acquisition would accelerate News’s digital and global ­expansion and make online real estate a “powerful pillar” of the company’s portfolio.

“We intend to use our media platforms and compelling content to turbocharge traffic growth and create the most successful real estate website in the US,” he said.

“We certainly expect this deal to amount to far more than the sum of the parts.”

Move’s websites, including the popular realtor.com, convert more leads into sales than any other digital property business. The business also has significant ties to the National Association of Realtors, whose one million members are key players in bringing together homebuyers and sellers, landlords and renters.

News already has 61.6 per cent ownership of the REA Group, the operator of Australia’s No 1 real estate website, realestate.com.au.

REA plans to become a 20 per cent stakeholder in Move, which will continue to operate from its base in California.

Originally published as News Corp pays $1.1 billion for US realtor Move Inc