News Corp has closed its acquisition of Realtor.com, the home search site backed by the National Association of Realtors that competes with Zillow and Trulia. The $950 million acquisition of Realtor.com operator Move, Inc., which was announced in September, gives the massive media conglomerate a way to compete in the online real estate search space.
“In partnership with the National Association of Realtors and its one million members, we look forward to turbo-charging realtor.com and making it the most popular and profitable property site in America,” News Corp CEO Robert Thomson said in a press release.
The close of this acquisition marks the midpoint of what could be a serious round of consolidation in the real estate search space. Zillow is currently in the process of closing its acquisition of rival search site Trulia, though the companies announced that the deal will take longer than expected after the Federal Trade Commission requested additional information about the merger between the two companies.
Shares of Trulia and Zillow have both risen by about 8 percent as of this report, possibly signaling investor optimism about the prospects for an acquisition between the two companies now that News Corp’s deal has gone through.