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News: News Corp ties up US property play purchase

  1. FNN News
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    17/11/14
    08:40
    Post #: 14299572
    .

    Rupert Murdoch's News Corp (ASX:NWS) has tied up its $US950 million purchase of US online real estate business Move Inc. (NASDAQ:MOVE). 
     
    The diversified media company announced the deal in October and says it has now successfully completed the acquisition. 
     
    News Crop advises Move is a provider of online real estate services and operates a network of sites, including the official website for the National Association of Realtors.
     
    Move displays more than 98 per cent of all for-sale properties listed in America and the Move network of websites reaches more than 30 million people per month. 
     
    News Corp’s majority owned REA Group Limited (ASX:REA) will take a 20 per cent interest in Move, which is expected to be completed today. 
     
    News Corp reported a net profit of $312 million in the full 2014 financial year. 
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