Rupert Murdoch's News Corp (ASX:NWS) will spend $US950 million, or $AUD1.1 billion, to buy US online real estate business Move Inc. (NASDAQ:MOVE).
The diversified media company expects the acquisition will enable it to become a leading player in a rapidly growing US online real estate sector.
News Corp says Move brings consumers and realtors together to facilitate the sale and rental of real estate in America.
News Corp’s majority owned REA Group Limited
(ASX:REA) plans to take a 20 per cent interest in Move with the remaining stake to be held by News Corp.
News Corp CEO Robert Thomson says the acquisition will accelerate the company’s digital and global expansion and make online real estate a powerful pillar in its portfolio.
News Corp reported a net profit of $312 million in the full 2014 financial year.
