Markets & Economy

Realtor.com is ‘transforming the character of News Corp.,’ says Thomson

Although the parent company lost money in Q2, News Corp.'s CEO is bullish on Move
  • News Corp.'s total revenue declined by $100 million year-over-year.
  • However, realtor.com was once more mentioned as a very successful News Corp. product, with revenues increasing 35 percent year-over-year.
  • Enhanced listings for Realtors and more integrated collaboration with other News Corp. products were named as future opportunities for the company.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

It feels like an understatement to say that News Corp. Chief Executive Officer Robert Thomson is bullish on the future of realtor.com. News Corp. is the parent corporation of such companies as Dow Jones and The Wall Street Journal -- and Move, Inc., which operates the real estate portal realtor.com. And the portal is clearly one of the jewels in News Corp.'s fiscal crown. "We are particularly pleased by the early returns at Move, which we acquired just over a year ago and whose realtor.com network has become the fastest-growing player in the still-emerging U.S. digital real estate market," said Thomson in the latest News Corp. earnings call (for the second quarter in the 2016 fiscal year). "The quarter presented challenges," noted Thomson at the beginning of the call. He blamed the year-over-year revenue decline on "foreign currency fluctuations." The losses were not insignificant. Year-over-year, total News Corp. revenue was down by about $100 million. The company...