Realtor.com owner 'actively discussing' sale to CoStar
A deal may be close for News Corp. to sell Realtor.com and parent company Move to CoStar.
- The CoStar Group is a publicly traded company. Founder Andy Florance is CEO.
- The company is in talks with News Corp. to purchase its majority stake in Move, reportedly a $3 billion deal.
- Move owns real estate listings giant Realtor.com.
CoStar Group is in talks with Rupert Murdoch's News Corp. to purchase its stake in Move, the company that owns the real estate listings giant, according to the reports.
Realtor.com licenses its name from the National Association of Realtors, which "does not determine Move's product offerings, pricing or terms and conditions."
A statement posted Tuesday on the Australian Securities Exchange — where News Corp. is listed — confirms that negotiations are underway. "News Corp. actively assesses opportunities to maximize shareholder value, and discussions with CoStar Group are part of that ongoing effort," according to the statement.
"There can be no assurance that any transaction will result from these talks," according to the statement.
Sara Wiskerchen, spokesperson at Move, declined Wednesday to comment on a potential sale. James Kennedy, spokesperson for News Corp., also declined to comment but confirmed the filing Tuesday on the Australian Securities Exchange.
News Corp. has owned Move since 2014, when it acquired an 80% stake for $1 billion, according to media reports. The company also owns Fox News and The Wall Street Journal.
A potential sale to CoStar Group could be valued at $3 billion, the New York Times reported. CoStar Group is a publicly traded company led by CEO and founder Andy Florance. The company, based in Washington, D.C., started in 1987 as a research, information and analytics firm focused on the real estate industry.
CoStar Group in recent years has been on a buying spree as it expands its reach and focus with several purchases of digital companies that provide real estate services. Acquisitions include Apartments.com, Apartment Finder, Homes.com, Homesnap and LoopNet, among other web-based real estate companies.