Latest news with #NewsCorp-controlled
AU Financial Review
03-07-2025
- Business
- AU Financial Review
REA slashes tech team with price war on the horizon
Nerves get rattled when the head of HR addresses a town hall meeting. They were at REA staff's get-together on Thursday when the new chief people officer, Elisa Nerone, took to the mic with chief technology officer Steve Maidment. The pair told those gathered that the News Corp-controlled digital real estate company would cut jobs from the tech team. According to one person present, it would be around 15 per cent of the unit, part of a major cost-cutting restructure that involved offshoring roles to India.
AU Financial Review
27-05-2025
- Business
- AU Financial Review
Competition watchdog launches probe into REA real estate pricing
Australia's competition watchdog is in the early stages of a probe into REA Group, looking at whether the News Corp-controlled real estate listings giant has been misusing its market dominance to hike prices unreasonably. The Australian Competition and Consumer Commission has been quietly meeting with real estate agents and industry bodies over the past few weeks, asking whether they have feedback or issues with the $34 billion, ASX-listed company.
Time of India
10-05-2025
- Business
- Time of India
CoStar to buy Australia's Domain in $1.9 billion deal
BENGALURU: U.S. real estate firm CoStar will acquire Domain for A$3 billion ($1.92 billion) including debt, the Australian property listings platform said on Friday, in a bid to create a well-capitalised rival to News Corp 's REA. After weeks of due diligence by CoStar, which owns a 16.9% stake in Domain, the companies have agreed on the U.S. firm's A$4.43 apiece offer. Domain shares gained as much as 5.2% to A$4.47 and were set for their biggest single-day rise in nearly a month. Media firm Nine Entertainment, Domain's largest shareholder, has expressed its support of the deal and would be receiving A$1.4 billion for its 60.1% stake. Nine shares jumped as much as 8.1% to A$1.61. CoStar acquired a 16.9% stake in Domain on February 21, ahead of an initial takeover offer of A$4.20 apiece, which was subsequently raised. The acquisition would be put to a shareholder vote in mid-August. Spatium Capital portfolio manager Jesse Moors said he would be watching how Australia's Foreign Investment Review Board considers the sovereignty risk with the Australian public's residential housing data being owned by an American real estate firm. Nine, which owns popular newspapers such as The Age and Australian Financial Review, has failed to match Domain with the success that News Corp-controlled rival REA has enjoyed. REA's market value reached A$33.16 billion, after jumping more than 160% since 2020. Domain is currently valued at A$2.69 billion. Shares in REA fell up to 4.2% and were set for their biggest one-day loss since early April. "We do not expect a material impact on REA's position over the next 1-3 years, especially given REA's product execution and expect marketing schedules to initially expand if CoStar is successful in growing Domain's audience," said Citi analysts. CoStar, originally an information and analytics provider for commercial real estate, has in recent years shifted focus toward building a dominant presence in online property marketplaces.
Yahoo
22-02-2025
- Business
- Yahoo
CoStar makes $1.7 billion play for Australia property classifieds firm Domain
By Scott Murdoch and Byron Kaye (Reuters) - U.S. property data group CoStar made a A$2.65 billion ($1.69 billion) approach for Australian No. 2 real estate classifieds company Domain, swooping on a lacklustre performer in a market primed for a resurgence. The deal would be the first Australian foray for CoStar and would reshape dynamics in a market where listing volumes have sagged as high living costs slowed the country's hot housing sector but are improving as interest rates come down. Domain has for years struggled behind larger classifieds website owned by News Corp-controlled REA Group, and a new owner could invest in marketing to drive up clicks, which determine how much it can charge for listings. CoStar offered A$4.20 a share, a premium of 34.6% over Domain's most recent closing price, the Australian company said, adding it was considering the offer. CoStar declined to comment. Domain shares jumped as much as 45% to a three-year high and were up 39% by midsession at A$4.35, trading above the bid price as investors bet a takeover would go ahead but positioned for a higher offer. "Domain doesn't have an obvious path out of this predicament (and) could certainly use the support," said Morningstar analyst Roy Van Keulen in a research note which gave a "100% probability of the business being acquired for the proposed offer". CoStar acquired a 16.9% stake in its target on Thursday. The deal would bring a capital injection to Domain's 60% owner, newspaper and free-to-air television owner Nine Entertainment, which, like the rest of Australia's media sector, has been grappling with a decision by Facebook owner Meta to cancel content deals. Nine said in a statement it was considering the proposal. Shares of Nine were up 23% at their highest level in a year. Shares of REA were down 11%, while the Australian shares in its 61% owner News Corp slid 7%. The deal would require Foreign Investment Review Board approval. ($1 = 1.5642 Australian dollars) Sign in to access your portfolio
