Rupert Murdoch's News Corp. is shelling out $950M in cash to acquire Move Inc., the No. 3 site for property listings in the US.
CEO Robert Thomson says the real estate website fits nicely with the company's core business of newspapers.
The deal gives News Corp. a shot to recapture a chunk of the classified advertising that its print publications lost to cyberspace.
Brokers, banks, agent and individuals spent an estimated $10B this year to market residential properties.
News Corp. already owns REA Group in Australia, which runs the residential site real.estate.com.au.
Thomson said: "Digital real estate is an important pillar of our global digital strategy. We believe here is a massive market in the US for online real estate revenue and we believe this make is in its early stage of development."
Move trails Zillow and Trulia in the online real estate derby.
They are ironing out a $2.5B merger deal.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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