NEW YORK – Sept. 30, 2014 – The National Association of Realtors® (NAR) consumer website, realtor.com, could soon have a new boss. News Corp will acquire the company that manages realtor.com, Move Inc., according to information released this morning by NAR.
Rupert Murdoch is executive chairman of News Corp, a multinational news and information company headquartered in New York. The company reported more than $8.5 billion in revenue in the fiscal year ending June 30, 2014. It owns publications such as The Wall Street Journal and Barron’s. News Corp already competes in the real estate market through its newspapers and majority ownership of REA Group Ltd, the leading Australian residential property website, which also has a presence in Europe and Asia.
With the acquisition of Move Inc., News Corp clearly wants to play a major role in the U.S. online real estate space. It’s spending about $950 million for the acquisition.
“This partnership will help shape the future of real estate,” says NAR President Steve Brown. “News Corp’s ability to reach and engage consumers, combined with realtor.com’s quality content and the real insights Realtors® provide will transform the current landscape.”
“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 U.S.,” says Robert Thomson, Chief Executive of News Corp. “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 Inc. draws nearly 35 million visitors each month, and realtor.com is its flagship site.
The National Association of Realtors owns realtor.com, and it’s operated by Move Inc. through an agreement between the Realtors Information Network (RIN), NAR’s subsidiary, and RealSelect, a Move subsidiary.
NAR leadership and the RIN board, meeting over the weekend, voted to approve the acquisition, which is subject to the customary closing conditions, including regulatory approvals.
NAR has posted an FAQ at realtor.org and says it will continue to communicate with members as information becomes available.
“Throughout the 20th century, NAR worked to ensure that Realtors were indispensable to consumers and the real estate transaction,” Stinton says. “This partnership is yet another 21st century example of this effort.”
© 2014 Florida Realtors®
Reprinted with permission. All rights reserved. Florida Realtors®