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*Updated November 14, 2014*
Media giant News Corp has officially completed its acquisition of Move, Inc.
“The National Association of REALTORS® is excited about News Corp’s successful acquisition of Move, Inc., operator of NAR’s official website realtor.com®. REALTORS® are about making consumers’ real estate dreams a reality, and the unique strengths of News Corp, Move and NAR’s REALTOR® members will enhance our ability to do that. NAR looks forward to its new partnership with News Corp and is committed to working with both companies to seek and develop new opportunities that help REALTORS® and consumers flourish in today’s real estate marketplace.” - NAR President Chris Polychron
News Corp owns major business and consumer titles, including The Wall Street Journal, and holds a majority stake in REA Group Limited (“REA”), operator of the leading Australian residential property website, realestate.com.au.
NAR’s leadership is supportive of the acquisition and of News Corp’s vision for Move. This is good news for REALTORS® as well as for consumers, advertisers, and everyone involved in the real estate market.
Want to know more? Read REALTOR® Magazine’s story on the announcement and review the following FAQs.
Why did NAR agree to this acquisition?
We think combining Move’s valuable connections with REALTORS® and consumers and News Corp’s extensive media platforms is a win-win scenario. Move already attracts an engaged, transaction-ready audience, but there is room for substantial growth as more people go online to search for homes. News Corp brings to the table considerable expertise in marketing, technology, and the real estate sector, given REA Group Ltd’s experience, along with News Corp’s newspaper properties and other businesses, such as News America Marketing, which reaches nearly 74 million homes in America.
What is News Corp’s vision for Move and realtor.com®?
News Corp intends to help turbo-charge the Move Network and bring even greater numbers of consumers and REALTORS® together and “make home happen” more than ever before.
What is NAR’s role in this new relationship?
The Move-NAR relationship has been of vital importance to both organizations, in that it helps REALTORS® connect with ever greater numbers of consumers online, and that connection will continue as News Corp acquires Move. The company will now have an advisory board with nine members. NAR will have two members on the advisory board.
How will this affect the relationship between Move/realtor.com® and REALTORS®?
The partnership continues as before, except that News Corp intends to elevate Move to a new and higher level of activity that will bring ever greater numbers of consumers and REALTORS® together. This will be possible due to the unique advantages that News Corp brings to the table, adding to the considerable assets of Move and the significant role that REALTORS® play – and will continue to play – in serving consumers in the real estate marketplace.
News Corp intends to support REALTORS® on realtor.com® by:
a. Listings received under a data content provider agreement will not be modified without permission of the broker or agent; as applicable;
b. Consistent with past practice and subject to the broker’s or agent’s instructions, updating listings regularly to ensure that they are timely and accurate;
c. Consistent with past practice and subject to the broker’s or agent’s instructions, respecting copyright notices and utilizing anti-scraping technologies and processes as reasonably appropriate;
d. Except as otherwise permitted in the Operating Agreement, only displaying properties that are listed with the assistance of a licensed real estate broker or salesperson and not properties offered for sale directly by owner; and
e. Respecting REALTORS® livelihood by not interfering with their referral or commission structure and not attempting to disintermediate REALTORS® with the real estate transaction.
How will this acquisition affect the REALTOR® brand?
News Corp understands the important role REALTORS® play in today’s real estate transactions. It is essential that realtor.com® remain a REALTOR®-friendly site. News Corp is committed to promoting REALTORS® on the site by (i) showing the value of using a REALTOR® when buying, selling, or investing in real estate, (ii) differentiating between REALTORS® and agents who are not REALTORS® on the site and (iii) distinguishing REALTORS®’ listings on the site.
How will this affect NAR’s current Consumer Advertising Campaign?
NAR’s current national advertising campaign aims to enhance the REALTOR® and realtor.com® brands, and the intent is for future marketing campaigns to be similarly coordinated between companies.
How is this acquisition different than other recent mergers in the industry?
While the mergers of various online portals combine like properties, the partnership between News Corp and Move provides a much larger universe of opportunities. This is not a case of two online real estate sites merging. This is a robust, experienced digital real estate business with a long-standing and powerful connection with the million-plus member National Association of REALTORS® joining forces with one of the world’s preeminent media, publishing, and digital real estate businesses. News Corp businesses include some of the largest selling newspapers in the U.S., the United Kingdom, and Australia; the leading Australian residential property website; and one of the largest publishing houses and in-store and in-home advertising businesses in the U.S.
Additional Resources
REALTOR® Magazine interview with Move CEO Steve Berkowitz
REALTOR® Magazine: "News Corp Bets on REALTORS®"
NewsCorp.com: "News Corp to Acquire Move, Inc."
More information on realtor.com at nar.realtor