Newscorp buys operator of real estate websites

[NEW YORK] News Corp, the publishing company controlled by Rupert Murdoch, agreed on Tuesday to buy Move Inc, an operator of real estate listings websites, for US$950 million in cash, as the newspaper publisher continues to branch out into new businesses.

The transaction is the latest, and largest, by Mr Murdoch's publishing arm since it split from 21st Century Fox last year.

Under the terms of Tuesday's deal, News Corp will pay US$21 a share through a tender offer for Move's stock.

Facing steep declines in advertising and subscription revenue, News Corp is trying to stretch beyond newspapers like The Wall Street Journal. News Corp paid US$415 million this year to take control of Harlequin Enterprises, the publisher of romance novels, to add to its HarperCollins publishing division. News Corp also paid US$25 million in 2013 for Storyful, a social and video news agency. "This acquisition will accelerate News Corp's digital and global expansion and contribute to the transformation of our company, making online real estate a powerful pillar of our portfolio," Robert Thomson, News Corp's chief executive, said in a statement. "We intend to use our media platforms and compelling content to turbocharge traffic growth and create the most successful real estate webs…