CoStar Group CEO Andy Florance

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CoStar Group CEO Andy Florance announced during a conference call with investors that the company is not acquiring Move Inc. from News Corp. 

Reasons for the deal worth around $3B falling through were not made public. 

  • Last month, Bloomberg reported that New Corp planned to sell Move and a few other real estate-related websites to CoStar. 
  • The acquisition was expected to enable CoStar to better compete with Zillow for dominance in the online real estate marketplace. 
  • Sources told The Wall Street Journal that News Corp received interest from other parties to purchase Move. 
  • CoStar Chief Executive Andy Florance commented in the conference call that he is exploring other M&A opportunities in commercial and residential markets. 

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