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News Corp to acquire online real estate business Move

Sep. 30, 2014 6:46 AM ETNews Corporation (NWS) StockBy: Eli Hoffmann, SA News Editor1 Comment
  • News Corp (NASDAQ:NWS, NWSA) is acquiring Move Inc. (MOVE) for $950M, or $21/share, a 37% premium over MOVE's Monday close.
  • News Corp will own 80% of Move (MOVE); REA Group, which is 61.6% owned by News Corp, will take the other 20%.
  • Move had 2013 revenue of $227M. News Corp says the acquisition will provide a "significant marketing platform for our media assets."
  • Back in April, SA contributor Michael Ranalli called the bottom in MOVE (sub. req'd) when it was trading around $10/share.

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