As the print side keeps bleeding, the Los Angeles Times Media Group keeps trying to extend into other platforms, both offline and online: the parent of LAT newspaper has jointly launched ZetaBid, a business that will auction foreclosed homes and other properties…it also has a website where the properties could be viewed. The newspaper has nothing to do with the new business, reports the newspaper.
The other partners are London-based GoIndustry-DoveBid, an auction specialist, and CataList Homes of Hermosa Beach, a real estate brokerage. The partners will share fees paid by the buyer on each home sold. Bob Bellack, who is president of digital media, classified and development for Times Media Group, will be chairman of the new enterprise. This is an innovative idea of expanding its commercial opportunities, and though the real estate market is on doldrums, the foreclosure market as a result is not.
The LAT media group also operates revenue-sharing ventures through its other JV, Classified Ventures (parent of Cars.com and Apartments.com), owned jointly by newspaper companies including Tribune.