News Corp.’s News Int. Buys UK Classified Ad Site Propertyfinder.com For $25.3 Million

News Corp.’s internet acquisitions continue with the pickup of Propertyfinder.com, the third most popoular UK classified real estate ad site, in a mildly complicated deal. News Corp. and News Corp. majority-owned realestate.com.au jointly acquired Propertyfinder.com’s owner Asserta Holdings for $25.3 million. Each will own 50 percent of the company, which will be managed by the Australian classified subsidary. At the same time, News Corp. has a hostile takeover of the Aussie company in the works.
The Australian says the UK site is used by 2,000 agents to advertise more than 200,000 properties for sale or rent. Ten years after launch, it turns in “a slight loss on revenues of $7 million (AU) a year.”

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