Rupert Murdoch's News Corp will purchase Move Inc, the owner of property websites such as realtor.com, for about $950 million to expand its digital marketing business as advertising revenue from its print business dwindles.The deal is the second large acquisition in the online real estate market this year as property website operators struggle to turn rising revenue into consistent profitability.Top U.S. real estate website operator Zillow Inc bought smaller rival Trulia Inc for $3.5 billion in July.CRT Capital analyst Neil Doshi said the online real estate market remained largely fragmented and there was room for more consolidation.
Move, Inc. (Move) is a real estate information marketplace connecting consumers with the information and needs to make informed home buying, selling, financing and renting decisions. Shares of MOVE traded higher by 36.85% or $5.635/share to $20.92. In the past year, the shares have traded as low as $9.47 and as high as $18.36. On average, 537098 shares of MOVE exchange hands on a given day and today's volume is recorded at 9805725.
News Corporation is a diversified media and information services company. Shares of NWSA fell by 0.77% or $-0.13/share to $16.67. In the past year, the shares have traded as low as $15.44 and as high as $18.53. On average, 3023550 shares of NWSA exchange hands on a given day and today's volume is recorded at 2484047.
Trulia, Inc. is a real estate search engine company. Shares of TRLA fell by 3.12% or $-1.56/share to $48.38. In the past year, the shares have traded as low as $26.35 and as high as $67.50. On average, 1500160 shares of TRLA exchange hands on a given day and today's volume is recorded at 518190.
Zillow, Inc. (Zillow), provides real estate and home-related information. Shares of Z fell by 3.82% or $-4.561/share to $114.77. In the past year, the shares have traded as low as $70.28 and as high as $164.90. On average, 1521140 shares of Z exchange hands on a given day and today's volume is recorded at 1298663.
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