Byline: Fiona Tyndall
Nov 02, 2005 (The Australian Financial Review - ABIX via COMTEX) -- Media mogul Rupert Murdoch is stepping up News Corporation's focus on the internet. In a joint takeover, News International and REA will buy the loss making UK real estate portal www.propertyfinder.com for $A34 million. News Corporation recently gained a 51.1% stake in REA, delivering it control of the company, which operates the realestate.com.au website business. REA CEO Simon Baker says while the UK acquisition is unprofitable, he compares the business as being at a similar level of development as REA in 2002, and says that REA will use its experience in becoming profitable to help turnaround the business.
Publication Date: 3 November 2005
REALESTATE.COM.AU LIMITED - ASX REA: NEWS CORPORATION - ASX NWS: NEWS INTERNATIONAL PLC: ASSERTA HOLDINGS: ARTS ALLIANCE: HAMPTONS GROUP
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