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MOVE, Inc: An Open Letter to the Real Estate Industry

move logoEarly today, the announcement of a definitive agreement for Move, Inc. to be acquired by the global media and information services company News Corp was made in New York. This is a historic moment for our company, which began its public life in 1999 as Homestore.com, Inc. and today accounts for more than 3.7 million homes listed for sale on our websites and apps and attracts nearly 35 million unique monthly visitors.

We have been in discussions with News Corp for some time now about the unique value and potential of realtor.com® and our leading brand assets, including ListHub™, TopProducer®, TigerLead® and FiveStreet, as well as our leading online destinations in the moving and rentals spaces. News Corp sees the same potential we do - and we could not be more pleased to consummate today's agreement, which carries the full support of the National Association of REALTORS® (NAR).

The significance of this acquisition for the industry is embodied in the specific and tangible benefits to Move and its constituents, in the shared values between Move and News Corp, and in the continuation of the mission that has led to our success thus far and will continue to drive us in the months and years ahead.

Substantial benefits

Combining the assets of Move and News Corp will result in broad and substantial benefits for home buyers and home sellers, agents and brokers, and organized real estate in general. Specifically, the combination will deliver:

  • Broadened reach for Move through News Corp's robust media platform, including the WSJ Digital Network (which accounts for approximately 500 million average monthly page views) and News America Marketing (which reaches nearly 74 million U.S. households)
  • Increased sales and marketing support to drive higher brand awareness and traffic
  • Cross-platform promotional opportunities
  • Improved product innovation that leverages News Corp's real estate and digital expertise
  • Increased traffic and time on site with high quality News Corp content

In 2013, News Corporation separated into two distinct, publicly traded companies - News Corp and 21st Century Fox (which is home to Twentieth Century Fox Film, Fox Television, Fox News Channel and other broadcasting and entertainment businesses).

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