Why are the Murdochs trying to buy UK property site Rightmove?

Getting into property is considered to be Lachlan Murdoch’s shrewdest and most profitable contribution to building the family empire.

Shortly after the turn of the century, Rupert Murdoch’s eldest son persuaded News Corporation to take a 44% stake in REA Group, the owner of Australia’s realestate.com.au property website.

More than two decades on, the media baron’s favoured son could be about to repay his father’s recent move to hand him full control if a takeover of Rightmove, the UK’s leading property website, succeeds.

Doing so could fulfil the 94-year-old’s desire to protect his beloved news media legacy in the UK.

REA Group, which is majority owned by News Corp, has until the end of the month to “put up or shut up” and table a deal analysts think could be in excess of £5bn in cash and shares for Rightmove, which controls more than 80% of the UK market.

(Rightmove controls more than 80% of the UK property website market. Photograph: Medicimage Education/Alamy)

Success would fulfil a long-running obsession to bolt a successful property business on to the UK operation – as News Corp has done with great success in Australia and the US – adding a cash cow to support its businesses operating in the increasingly under-pressure media world.

Ref: Why are the Murdochs trying to buy UK property site Rightmove? (theguardian) Photo Credit- Medicimage Education/ Alamy