Rupert Murdoch's News Corp said it would purchase Move Inc, the owner of property websites such as realtor.com, for about $950 million to expand its digital marketing business.News Corp said it would pay $21 per share, a premium of 37 percent to Move's closing price on Monday. Moves's shares rose 17.7 percent to $18 in premarket trading.Australian real estate website REA Group Ltd, which is 61.6 percent owned by News Corp, will take a 20 percent stake in Move for about $200 million, News Corp said."In addition to boosting Move's subscription, advertising and software services, this acquisition will give News Corp a significant marketing platform for our media assets," News Corp CEO Robert Thomson said in a statement.
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 4.94% or $0.72/share to $15.29. 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 1334764.
News Corporation is a diversified media and information services company. Shares of NWSA fell by 1.06% or $-0.18/share to $16.80. 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 6009298.
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