News Corp. is spending about $950 million to buy the online real estate business Move Inc. in a deal that aims to speed up the media company's digital expansion.
News Corp. says it will pay $21 per share in cash for each outstanding share of Move. That represents a 37 percent premium over the stock's closing price of $15.29 on Monday.
Move operates the website realtor.com and News Corp. says it displays more than 98 percent of all for-sale properties listed in the United States. The media company says Move's network of websites reaches about 35 million people per month.
Manhattan-based News Corp., which is controlled by billionaire Rupert Murdoch, expects the deal to close at the end of the year. Move's board has unanimously approved the acquisition.