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News Corp, parent company to Move Inc. and Realtor.com, announced its Q4 earnings—and with it, some employment news.
Move Inc.’s revenue reportedly fell 14 percent or $23 million, with a noted declined in real estate sales and referrals. Move Inc.’s revenues fell to $146 million.
The company said that it plans to cut an estimated 1,250 jobs, though no departments or specific companies under the News Corp umbrella were singled out.
“We will be reducing head count across the company by 5 percent,” said Robert Thomson, News Corp CEO. “That is a necessary response given these macro conditions.
“We now are increasing our emphasis on the monetization of sell-side listings, as inventory time on market has increased significantly in recent months,” Thomson said in regards to Realtor.com. “And we will be able to provide realtors and vendors with improved service.”
News Corp did, however, also confirm that talks with CoStar are ongoing. As we previously reported, commercial-property heavyweight CoStar is in talks to buy Move Inc. for a reported $3 billion.