"Rupert Murdoch’s global News Corp. promises to use its media platforms and compelling content to turbo-charge traffic growth and create the most successful real estate website in the US,” said Robert Thomson, CEO of News Corp.
The media giant also plans to boost Move's "sales and marketing support."
Zillow and Trulia are respectively down almost 30% each from their July highs back when the Zillow/Trulia acquisition was formally announced.
As of 12:10 p.m. ET, Zillow was down 3.76% on the day. Trulia was down 2.69%, and the fall was gradually increasing.
A spokesperson for Zillow told HousingWire that they are shaking this off.
"We remain squarely focused on our business; on closing our acquisition of Trulia; and on offering agents the best way to market their listings for free and connect with local home buyers and sellers," said Amanda Woolley.
Move's sites currently reach about 35 million people a month.
Zillow claimed 86.3 million monthly unique users in August, while Trulia, which is being acquired by Zillow, claimed 54 million as of June.
In the Move deal, News Corp will acquire all of Move’s outstanding shares for $21 per share. According to a release from News Corp, that price represents a premium of 37% over Move’s closing stock price on September 29.
As of 11:57 a.m. ET, Move’s stock was trading at $20.92 per share, which is up 26.89% on the day. The stock closed on Monday at $15.29.
Notably, the National Association of Realtors in August started a push for the Federal Trade Commission to block the $3.5 billion merger of Zillow and Trulia.