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News Corp buys Propertyfinder.com for $25 million

MUMBAI: News International, the newspaper arm of media conglomerate News Corp, and online property group realestate.com.au have acquired the UK classified advertising web site Propertyfinder.com for $25.3 million.

The two companies have jointly purchased 95 per cent of Assert Holdings which owns propertyfinder.com from venture capital firm Arts Alliance, as well as minority shareholders including Hamptons Group Limited and management.

News International has said it would use what it called the unparalleled reach of its newspapers - the Sun, the News of the World, the Times and the Sunday Times - to promote the site and drive readers and internet users to it. Propertyfinder.com launched in 1995 and is now used by more than 2,000 estate agents offering 200,000 properties for sale and for let.

 

 

News Corp gained control of online property business realestate.com.au last week after its shareholding increased to 51.52 per cent.

 

News Ltd, owns a minority stake in realestate.com.au and has been trying to take control of the company.

Media reports indicate that Realestate.com.au will take over the running of propertyfinder.com and will seek to rapidly accelerate subscription and visitor growth.

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