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Media company joins real estate auction venture

Los Angeles Times Media Group, partners form Zetabid

The Los Angeles Times Media Group has joined a real estate auction venture that is selling bank-owned foreclosure properties and builder-owned properties. The effort, dubbed Zetabid, seeks to bring new advertising opportunities to the media company in a time of declining ad revenue while broadening the pool of potential buyers for properties sold at auction. Brokerage company Catalist Homes earlier this year announced a partnership (see Inman News Special Report) with auction company DoveBid to conduct live ballroom-style auctions and parallel online auctions for bank-owned -- also known as real estate-owned or REO properties -- and builder-owned properties. The first auction is scheduled Sept. 27-28 at the Ontario Convention Center in Ontario, Calif., and there are plans to expand the auctions to other regions. "We saw the need for somebody to step in and clear the inventory out of the marketplace," said Bob Bellack, chairman of Zetabid and president for digital media,...