David Saks: Zillow’s Acquisition of Trulia Delayed Again

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Zillow’s Acquisition of Trulia Delayed Again

Zillow’s Acquisition of Trulia Delayed Again

Continued requests for additional information from the Federal Trade Commission has once again delayed Zillow’s planned acquisition of Trulia. The FTC has been reviewing Zillow’s proposal to acquire its online real estate competitor Trulia at $2.9 billion, checking for any potential anti-trust violations. Zillow had first announced in November that the acquisition had been delayed to at least Feb. 1, 2015, as the FTC sought more information and time to review the deal.

The deal has now been delayed to at least Feb. 15, but is expected to close in the first half of 2015. “Neither the Timing Agreement nor the Amended Timing Agreement prevents the parties from consummating the Proposed Transaction sooner if the FTC grants early termination, closes its investigation, or accepts for public comment a proposed consent agreement settling the matter,”

Zillow said in a recent Securities and Exchange Commission filing. The Zillow-Trulia acquisition was first announced at the end of July 2014. It is subject to approval of both companies’ stockholders. “Both companies have been enormously successful in creating compelling consumer brands and deep industry partnerships, but it’s still early days in the world of real estate advertising on mobile and Web,” Zillow CEO Spencer Rascoff said when first announcing the acquisition last summer.

Competition in the online real estate space has heated up in recent months. Media giant News Corp acquired Move Inc. and realtor.com in late November 2014. News Corp is a media and publishing business that owns such titles as The Wall Street Journal and Barron’s. News Corp, which Rupert Murdoch serves as the executive chairman, also owns a majority stake in REA Group Ltd., a leading Australian residential property website.

The Move network of websites, which includes realtor.com, reaches more than 30 million online visitors per month. “I’m grateful for this exciting opportunity to join the team at Move and help make realtor.com the best in the business,” said Ryan O’Hara, who will step in as Move’s new CEO next week, in a recent statement. “The digital real estate marketplace is poised for rapid expansion as more people go online to buy, sell, and rent property in America, and as more businesses advertise on digital real estate platforms to reach those home owners. I believe realtor.com is ready to capitalize on this technological revolution.”

courtesy of Jim Gibbs




David Saks



Time&Temp Memphis

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Comment balloon 4 commentsDavid Saks • January 22 2015 05:30PM

Comments

I don't care why or how but the longer and or forever would suit me just fine.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) almost 6 years ago

NAR extremists go to any length to oppose Zillow, William.

That's the nature of the anit-trust game.

Posted by David Saks ((retired)) almost 6 years ago

Thanks for the update. I was curious what the latest was. 

Posted by Tammy Adams ~ Realtor / Podcaster, A Maricopa Agent who Works, Lives & Loves Maricopa (Maricopa Real Estate Co) almost 6 years ago

Rupert Murdoch invited me to party a few years ago, Tammy, that he was throwing at Elvis Presley's house. I still have a shirt he gave me for coming. Jerry Lee Lewis and I got to hang out together and play some piano at the bash.

It always seems to be about the money to those guys, and little else.

Posted by David Saks ((retired)) almost 6 years ago

This blog does not allow anonymous comments