Starboard Value,which is run by “the most feared man in corporate America”,has built a stake in News Corp and calls for a spin-off of REA Group,its Australian real estate division.
News Corporation says a previously announced cost-cutting drive will produce bigger savings than first thought,while income slides on weaknesses in segments such as real estate and Australian news publishing.
The new proposed price hikes will be the highest for REA Group since the COVID-19 pandemic.
A month after abruptly halting plans for a potential merger of its major media companies Fox Corporation and News Corporation,Rupert Murdoch’s business empire said it’s no longer involved in discussions to sell its real-estate listings business Move to rival CoStar.
The chief executive said the News Corp controlled real-estate listings portal was looking closely at cost reductions as it weathers the uncertain economic environment.
Listing levels for July were at their highest since 2016,and price declines were coming off an abnormally strong property market,the head of the real estate portal says.
REA Group told staff KPMG was conducting an urgent review into the matter.
REA chief Owen Wilson is betting the company can use its clout in real estate listings to grab a growing share of the mortgage broking market.
A ferocious boom in housing overwhelming the banks is stoking concerns about consumer debt,amid signs some buyers are becoming more cautious about overpaying
Stories of businesspeople bold,colourful,generous and ruthless have appeared in The Sydney Morning Herald for 190 years. They’re moguls who would shape the city’s history and,indeed,the history of the Herald itself.
REA Group chief executive Owen Wilson says the listings business wants a bigger slice of the mortgage broking sector and it would also consider selling home insurance