Move Inc., the parent of REALTOR.com, will be bought by News Corporation for $950 million in cash, it was announced this morning.
The sale caps months of widespread changes in the industry. Zillow bought Trulia two months ago, creating a real estate search giant.
Details are here in the New York Times.
From the statement released by the companies: “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.”
Move, founded in 2006, is based in San Jose, Calif. In addition to REALTOR.com the company operates HomeInsight, Top Producer, ListHub and SocialBio, according to the company’s LinkedIn page.