- News Corp. ( NASDAQ: NWSA ) is in discussions to sell its Move Inc. online real estate unit to CoStar Group ( NASDAQ: CSGP ) for $3 billion. News Corp. rose 4.5% in premarket trading.
- A deal could be announced within days, according to a Bloomberg report, which cited people familiar. Move is the parent of Realtor.com and other real estate-related websites.
- The report comes as investor Irenic Capital Management has been pushing for the company to spin off its real estate businesses.
- The news also comes as Rupert Murdoch on Tuesda y killed his idea to reassemble his media empire, ending the proposal to re-merge News Corp. ( NWSA ) with Fox Corp. ( FOX ).
- “Irenic is encouraged that Executive Chairman Rupert Murdoch and Co-Chairman Lachlan Murdoch have concluded that a combination with Fox is not in the best interests of News Corp and its shareholders," Adam Katz, co-founder and chief investment officer of Irenic, said in a statement late Tuesday. "This is the right decision."
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News Corp. in talks to sell real estate business to CoStar for $3 billion - report