NEW YORK - News Corp. (NWS) is spending about $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 $21 per share in cash for each outstanding share of Move. That represents a 37 percent premium over the stock's closing stock price of $15.29 on Monday.
Move operates the website realtor.com and News Corp. says it displays more than 98 percent 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.
"This acquisition will accelerate News Corp's digital and global expansion and contribute to the transformation of our company, making online real estate a powerful pillar of our portfolio," said Robert Thomson, chief executive of News Corp. in a press release.
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.