News Corp. completes talks to sell real estate business with CoStar Group – The Hollywood Reporter


news corpCoStar Group, the parent company of rental site, has concluded talks to sell its property listing business Move Inc., the companies said on Tuesday.

A potential sale of Move Inc., which operates listing site, has begun in earnest after Rupert Murdoch and Lachlan Murdoch. abandoned plan Merged with Fox Corp. wall street journal News Corp. owner in late January. That same month, News Corp said it was considering selling Move Inc. to his CoStar. cherished at $3 billion. If the deal goes through, CoStar will be in direct competition from other real estate listing businesses like his Zillow and Redfin.

In a statement shared Tuesday, News Corp. said that while the CoStar transaction was not under consideration, the company is looking at “opportunities” in its digital real estate business as part of a larger effort to maximize shareholder value. We will continue to actively evaluate the The company, which also operates new york post Dow Jones recently announced that it would lay off about 5% of its workforce, or about 1,250 people.As a result of the reduction in personnel, approx. $30 million in cost savingssaid News Corporation.

“We are committed to reducing costs and prudently adjusting pricing across our businesses,” News Corp. Chief Executive Officer Robert Thomson said on its earnings call on Feb. 9. , pointed to a difficult economic environment for the company.

news company Acquisition Acquired an 80% stake in Move Inc. in 2014 for $950 million. His remaining 20% ​​was paid to his Australia-based REA Group Limited, in which News Corporation holds an approximately 62% stake. The sale of News Corporation’s digital real estate business will help the company, among other things, because it will reduce the overall cost of the business.

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