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News Corp. buying Move Inc., real estate website, for $950 million

News Corp. founder Rupert Murdoch in Sydney,

News Corp. founder Rupert Murdoch in Sydney, Australia on Oct. 31, 2013. Credit: AP

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 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.

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