News Corp to buy Move Inc for about USD 950 million

Written by Associated Press | New York | Updated: Sep 30 2014, 23:59pm hrs
News CorpNews Corp says it will pay USD 21 per share in cash for each outstanding share of Move. (Reuters)
News Corp is spending about USD 950 million to buy the online real estate business Move Inc in a deal that aims to speed up the media company's digital expansion.

News Corp says it will pay USD 21 per share in cash for each outstanding share of Move. That represents a 37 per cent premium over the stock's closing stock price of USD 15.29 yesterday.

Move operates the website realtor.com and News Corp says it displays more than 98 per cent of all for-sale properties listed in the United States.

The media company says Move's network of websites reaches about 35 million people per month.

New York-based News Corp, which is controlled by Rupert Murdoch, expects the deal to close at the end of the year.

Move's board has unanimously approved the acquisition.