Technology

Murdoch’s play for Move shows appetite for investing in real estate technology

Deal 'restructures the boundaries of who’s playing in our market'

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News Corp's pending acquisition of realtor.com operator Move Inc. for $950 million in cash is "extremely exciting news in that it shows an eagerness for investment in real estate technology that expands far beyond the usual suspects," says Edward Berenbaum, president of Washington, D.C.-based Century 21 Redwood Realty. "Consolidation of the No. 1 and 2 portals is one thing, but this deal restructures the boundaries of who’s playing in our market," Berenbaum said, refering to Zillow's planned acquisition of Trulia. "Even though Yahoo Real Estate has traditionally received a ton of traffic, Zillow powers their search. Now we are looking at a situation where the third-largest portal, which bears the sacredly protected Realtor name, is powered by the same people that bring us 'The Simpsons,' 'The O’Reilly Factor' and The Wall Street Journal." The acquisition could aggravate resentment that some real estate agents feel toward the big listing portals, said Derek Eisenberg, founder...