Courtesy of Benzinga.
A group of online real estate listing services got roiled in Tuesday's market with news that media maven Rupert Murdoch wants a piece of the sector.
The 83-year-old Murdoch's News Corp. (NASDAQ: NWS) said Tuesday it will pay $950 million, or $21 per share, to buy an 80 percent stake in Move Inc. (NASDAQ: MOVE), which operates listing sites that include Realtor.com and Move.com.
Zillow Inc (NASDAQ: Z), which unveiled a plan in July to acquire rival Trulia Inc (NYSE: TRLA) for $3.5 billion, saw its shares tumble nearly 4 percent Tuesday in the wake of Murdoch's announcement.
Trulia shares sank nearly 3 percent, while Move gained 37 percent to $20.97 per share.
Antitrust regulators earlier this month requested more information about Zillow's proposed deal, although it's still expected to close next year.
Together, Zillow and Trulia would claim 137 million users, while Move now claims about 37 million users. Other estimates suggest 95 million users for a combined Zillow and Truglia — and 25 million for Move.
Zillow had revenue of $78.7 million and Trulia had revenue of $64.1 million while Move posted $61.3 million in revenue.
Other competitors in the online space include Classified Ventures LLC, Craigslist, Dominion Enterprises , Google Inc., Redfin, Homefinder.com LLC, ZipRealty Inc.
Posted-In: Rupert MurdochNews M&A Intraday Update
