News Corp says deal to sell real estate asset Move Inc. has fallen apart

PHOTO: CoStar Group has ended talks with Rupert Murdoch’s News Corporation to acquire Move, Inc. THE REAL DEAL

Rupert Murdoch’s News Corp had acquired Move Inc in 2014 for $950mn © Reuters

Move Inc. provides unsurpassed real estate information, tools and professional expertise across a family of websites and mobile experiences for consumer

Rupert Murdoch’s company had been in talks to sell to rival CoStar in a deal valued in the ‘low billions’ of dollars. News Corp’s plan to sell one of its multibillion-dollar real estate assets has fallen apart, the latest setback to Rupert Murdoch’s dealmaking ambitions. The company had been in advanced talks to sell its 80 per cent share of Move Inc to rival property listings group CoStar, in a deal valued in the “low billions” of dollars, the Financial Times reported last month.

However, on Tuesday News Corp said it was “no longer engaged” in these talks. “News Corp will continue to actively assess opportunities to support the company’s strategy to optimise the value of its [real estate assets] and otherwise maximise shareholder value,” according to a statement. Murdoch, who turns 92 next month, had been seeking to combine News Corp with Fox, reuniting the two halves of his media empire. But last month he called off the proposed merger after meeting resistance from independent shareholders.