News Corp. to buy parent

rupert murdoch move
Rupert Murdoch's News Corps signed a billion dollar deal to buy Move.

News Corp. has signed a nearly billion-dollar deal to buy control of the parent company of, an online marketplace for real estate.

Rupert Murdoch's company says displays more than 98% of the properties for sale in the U.S.

News Corp. (NWS) will pay cash for 80% of the parent, Move Inc., for $21 a share, or $950 million.

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The remaining 20% will be owned by REA Group Limited, an Australian online real estate retailer that is majority owned by News Corp. The REA share will cost about $200 million.

News Corp. Chief Executive Officer Robert Thomson said the acquisition will make "online real estate a powerful pillar of our portfolio."


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