Sep. 30, 2014, 12:45 PM
Sep. 30, 2014, 9:11 AM
Sep. 30, 2014, 6:46 AM
- News Corp (NWS, NWSA) is acquiring Move Inc. (NASDAQ: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.
Jul. 29, 2014, 6:01 PM
Jul. 28, 2014, 12:47 PM
- Zillow's (Z -1.5%) purchase of Trulia (TRLA +13.3%) signals Zillow plans to create a portfolio of online real estate assets much as InterActiveCorp has created a portfolio of online dating assets, says CEO Spencer Rascoff. "What's taking shape is the creation of a real estate media company." Move (MOVE +8.9%) investors might be pleased to hear that.
- Though Trulia's brand will stay independent, Zillow and Trulia predict the deal will yield at least $100M/year in cost savings by 2016. Other expected synergies include: 1) Better real estate data for consumers thanks to data-sharing between Zillow/Trulia. 2) Common ad services/marketing platforms that can yield a better ROI. 3) Broader listing distribution.
- The companies note they still only account for 4% of estimated U.S. real estate marketing spend of $12B/year. Zillow has 83M monthly unique users, and Trulia 54M (some overlap exists).
- Street commentary has been quite positive. Macquarie: "This could pave the way to these companies becoming more profitable more quickly." CRT Capital: "At the end of the day, this provides scale. And scale ultimately leads to more advertising on the overall network."
- Prior Zillow/Trulia coverage
Jul. 28, 2014, 12:45 PM
Jul. 25, 2014, 1:53 PM
- "It's a blockbuster ... What this says is, Zillow has been and has locked up the absolute dominant position in online real estate in the United States,” says real estate analyst Steve Murray on reports Zillow (Z +4.6%) is looking to acquire Trulia (TRLA +2%).
- Barclays' Christopher Merwin predicts a merger would "dramatically increase the combined entity's pricing power" with real estate agents, and would yield more leverage in price negotiations with MLSs. Zillow just bought MLS data-integration software platform provider Retsly.
- Murray admits there could be a backlash to the deal, stating "the industry will be concerned ... if you have one huge, overwhelmingly dominant player" for whom agents "will be almost compelled" to list on.
- Bloomberg reports Zillow could pay for 1/3 of the purchase in cash (implies a $667M cash payment at a $2B acquisition price), and 2/3 in stock. Zillow had $446M in cash/investments at the end of Q1.
- While Zillow and Trulia continue to rally, Move (MOVE -2.8%) is now below where it traded before the first merger report broke.
Jul. 24, 2014, 2:05 PM
- Bloomberg reports Zillow (Z +18%) is looking to acquire Trulia (TRLA +21.6%). Shares of both companies have skyrocketed in response. Move (MOVE +5.2%) is also getting a lift.
- The report comes 9 days after Realogy announced it's buying ZipRealty for a 100%+ premium.
- Zillow's market cap is currently at $5.9B, and Trulia's at $1.9B.
Jul. 15, 2014, 4:15 PM
- The online real estate space heats up some more with Realogy's (NYSE:RLGY) all-cash, $166M deal to buy ZipRealty (NASDAQ:ZIPR). The price works out to $6.75 per share vs. today's close of $3.02.
- The purchase adds ZipRealty's residential brokerage operations with 23 U.S. offices and its integrated real estate technology platform to Realogy's operations. ZIPR last year closed $2.7B in property sales, giving it $76M in revenue and $32M of gross profit. Realogy expects EBITDA contribution from the purchase to be about $20M annually within the next three years.
- Zillow (NASDAQ:Z) +0.3%, TRLA +0.4%, MOVE +0.3% AH
- Source: Press Release
Jun. 25, 2014, 4:00 PM
- After talking with CEO Spencer Rascoff, JMP thinks Zillow's (Z +6.1%) consumer and agent share gains are accelerating. The firm also thinks Premier Agent ARPU and EBITDA margin increases, and the expansion of rentals business, could act as catalysts.
- Last week, Canaccord cited Premier Agent's growth potential as a reason (among others) for upping its Zillow target.
- JMP's PT has been hiked by $36 to $150. Zillow is now up 71% YTD, and ~7x from its $20 2011 IPO price.
- Trulia (TRLA +4.1%) and Move (MOVE +3.8%) are following Zillow higher on a good day for tech. Trulia announced today it's launching a smartwatch app for Google's Android Wear platform. The app will show home alert notifications from Trulia's Android phone app, and allow users to swipe through photos and property details.
Jun. 19, 2014, 10:19 AM
- Move's (MOVE -1.9%) Realtor.com site has joined a quickly-growing list of major Web properties to be hit by a DDoS attack this year. Move says it "has no evidence that this attack includes or has resulted in any compromise of data or other content on its websites."
- Shares have given back some of the Tuesday gains they saw after Benzinga (citing a source) reported Trulia (TRLA -0.9%) is in talks to buy Move for $18/share. Trulia has declined comment on the report.
Jun. 17, 2014, 2:52 PM
Jun. 13, 2014, 11:32 AM
- Trulia (TRLA +2.5%) saw a record 51M+ unique visitors in May, up from nearly 50M in April and 47% above year-ago levels. The Y/Y growth rate represents a pickup from Q1's 42% clip.
- Trulia's standalone audience (excludes Market Leader) grew 29% Y/Y, up from Q1's 18% rate. A $45M national ad campaign (previous) contributed to the growth.
- Zillow (Z +1.8%) and Move (MOVE +2.5%) are following Trulia higher. Zillow, which has also been ramping its ad spend, saw 81.5M monthly unique users in May, +3% M/M and +49% Y/Y.
May. 6, 2014, 5:55 PM
May. 5, 2014, 5:35 PM
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Apr. 25, 2014, 3:55 PM
- Mostly sailing through a lot of the momentum meltdowns over the past few weeks (it hit a new all-time high on Tuesday), Zillow (Z -10.1%) isn't avoiding the carnage today. Online competitors Trulia (TRLA -8.4%) and Move (MOVE -2.9%).
- Zillow CEO Spencer Rascoff is scheduled for an appearance on CNBC this evening.
Move, Inc. operates an online network of websites for real estate search, finance, moving, and home enthusiasts and provides an important resource for consumers seeking the online information and connections they need regarding real estate.
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