News Corp to buy real estate website operator Move for $950 million

Reuters News
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Posted: Sep 30, 2014 6:55 AM

(Reuters) - News Corp, publisher of the Wall Street Journal, said it would buy real estate website operator Move Inc for for about $950 million.

News Corp said it would pay $21 per share, representing a premium of 37 percent over Move's closing price on Monday.

Australian real estate website REA Group Ltd, which is 61.6 percent owned by News Corp, will take a 20 percent stake in Move for about $200 million, News Corp said.

(Reporting by Soham Chatterjee in Bangalore; Editing by Ted Kerr)