News Corp. To buy real-estate business move in $950 million deal

News Corp., the newspaper publisher controlled by Rupert Murdoch, agreed to buy U.S. online real- estate business Move Inc. for $950 million, net of the target's cash balance.

Move shareholders will get $21 a share in cash, New York- based News Corp. said today in a statement. That's 37 percent more than Move's closing price yesterday. News Corp. plans to hold 80 percent of Move, with REA Group Ltd., which is 61.6 percent owned by News Corp., owning the rest.

The purchase would give News Corp. the Realtor.com website, allowing it to expand in real-estate listings as advertising revenue sputters. The publisher, completing its first full year as a stand-alone company, last month reported quarterly earnings that missed analysts' estimates as it struggled in its transition from print to digital.

Move reported $29 million in adjusted earnings before interest, taxes, depreciation and amortization on revenue of $227 million for 2013.

Move shares closed 4.9 percent higher yesterday at $15.29 in New York trading. The stock has lost 4.4 percent this year. News Corp. fell 1.1 percent to $16.80.