News Corp to Acquire Move, Inc. in $950 Million Deal

first_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago September 30, 2014 950 Views News Corp, one of the world’s biggest mass media companies, is buying online real estate firm Move, Inc., in a $950 million cash deal, the companies announced Tuesday morning.Under the acquisition agreement, which was unanimously approved by Move’s board, News Corp will acquire all of Move’s outstanding shares at the cost of $21 per share. The buy represents a premium of 37 percent over Move’s closing stock price at the end of trading on Monday. News Corp said it will commence a tender offer for all shares of Move’s common stock within 10 business days, following that with a merger to acquire any untendered shares.Through the deal, News Corp says it hopes to become a leading player in the expanding arena of online real estate through Move’s various tools and its listing site, Realtor.com.”We have great faith in America’s potential and the long-term asset value of housing, which is continuing its recovery and has yet to regain its full potency,” said Robert Thomson, chief executive at News Corp. “It is forecast that the number of millennial households will increase from 13.3 million in 2013 to 21.6 million in 2018, and they will spend more than $2 trillion on home purchases and rent by 2018. Many will begin their search online and use tools and content on realtor.com.”The deal comes two months after two of Move’s biggest competitors, Zillow and Trulia, announced plans to merge.Australian-based REA Group Limited, which is 61.6 percent owned by News Corp and operates RealEstate.com.au, will hold a 20 percent stake in Move, acquiring its share for approximately $200 million. News Corp will hold the remainder.Through Realtor.com and its mobile applications, Move displays more than 98 percent of all for-sale properties listed in the United States, sourcing its data from relationships with hundreds of multiple listing services nationwide. The company’s network of websites reaches an estimated 35 million users per month, with 90 percent of page views going to “for sale” property links.In addition, Move benefits from an exclusive relationship with the National Association of Realtors, which has given its consent to the acquisition.”This partnership will help shape the future of real estate,” said National Association of Realtors President Steve Brown. “News Corp’s ability to reach and engage consumers, combined with realtor.com’s quality content and the real insights Realtors provide will transform the current landscape. Working together, Realtors, Move and News Corp will truly make home happen.”Move will continue to remain headquartered in San Jose following the acquisition, the companies said.  Print This Post The Best Markets For Residential Property Investors 2 days ago Related Articles Previous: DS News Webcast: Tuesday 9/30/2014 Next: Single-Family Home Sales Drop in Connecticut Acquisitions Mass Media Move News Corp online real estate Technology 2014-09-30 Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Acquisitions Mass Media Move News Corp online real estate Technology Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Featured, Headlines, News, Technology News Corp to Acquire Move, Inc. in $950 Million Deal The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Subscribe Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Home / Featured / News Corp to Acquire Move, Inc. in $950 Million Deal Sign up for DS News Daily About Author: Tory Barringerlast_img read more

Huge legal changes: but no guidelines

first_img HR professionals are today facing the most far reaching changes to employment relations in a generation without clear guidance from government.Experts are warning that employers are in danger of inadvertently breaking the law on Statutory Union Recognition because easy-to-follow guidance from the Government has not been made available. As unions geared up to target high-profile employers, such as McDonald’s, with recognition bids, personnel professionals were being steered towards technical notes on the legislation to help them deal with claims. But the 27,000 word explanatory notes on the DTI web site are considered almost as impenetrable as the law itself. Lawyers have called it the most complex yet in employment legislation. From today unions can gain automatic bargaining rights on pay, holidays and hours where half the workforce are members or 40 per cent vote for recognition in a ballot.David Yeandle, deputy director of employment policy at the Engineering Employers’ Federation, said the EEF is trying to produce its own guide.“Only a small number of employers and legal advisers will understand this law, it is not in a form that is user-friendly. “The Government should have produced a layman’s guide,” he said.Robbie Gilbert, chief executive of the Employers’ Forum on Statute and Practice, said few employers know that they only have 10 days to respond when they get a request from a union.“People need time to put systems in place to ensure requests are dealt with. It is not good enough that such an extremely big and sensitive change is being rushed in,” he said. “The Government should not have imposed this 6 June deadline, it should have allowed more time for guidance to come out.” Guidance on how the Central Arbitration Committee will deal with applications for recognition is also missing.It is due to come out this week. The CAC was unable to produce its guidance earlier because CAC members were only appointed by the DTI in April.A DTI spokeswoman said, “Longer explanatory notes, with detailed flow charts explaining the procedure were out last year. There is also a code of practice and information about the collective bargaining process. We are not planning to put anything else out.”www.legislation.hmso.gov.uk/acts/en/1999en26.htm Comments are closed. Related posts:No related photos. Previous Article Next Article Huge legal changes: but no guidelinesOn 6 Jun 2000 in Personnel Todaylast_img read more