HOMESTORE.COM BUYS RIVAL MOVE.COM ACQUIRED IN DEAL WORTH $761 MILLION.Byline: Robert Monroe Staff Writer THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. - The country's largest online real estate services site got even bigger Friday as Homestore.com announced its purchase of Move.com from bricks-and-mortar real estate titan Cendant. Cendant will get 26.3 million shares of Homestore.com common stock in a deal worth $761 million. Homestore's share of online real estate traffic will reach nearly half the total viewership view·er·ship n. The people who watch a television program or motion picture: a largely male viewership. , based on unique user visits rated by Internet analysis firm Media Metrix. There were 9 million visits to real estate Web sites last month. ``You're combining the biggest offline resource for homes with the number one online resource for homes,'' said Homestore.com Senior Vice President of Marketing Jeff Charney. The deal helped boost Homestore.com stock value by 31 percent after being driven down by weeks of Internet disfavor among investors. Shares closed Friday at $37.94, up $8.98 on heavy volume on the Nasdaq exchange. Analysts said the deal signifies Homestore.com's attempt to corner a market it already dominates. More than 90 percent of all homes listed in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. can be found on its network, a share that has drawn scrutiny from federal antitrust investigators in the past. Paul Geary Paul Geary (born 24 July 1961, Medford, Massachusetts) was once the drummer for the Funk Metal band, Extreme. He was replaced in the group in 1994, by Mike Mangini. Geary later worked as a manager for other musicians. , senior editor at Hoover's Online, said it also signifies Cendant's acknowledgment acknowledgment, in law, formal declaration or admission by a person who executed an instrument (e.g., a will or a deed) that the instrument is his. The acknowledgment is made before a court, a notary public, or any other authorized person. that Move.com would have a hard time catching up. Cendant ``believes in the business model but they probably knew in the long run that Move.com was not going to be able to compete with Homestore.com,'' said Geary. ``It definitely should be pretty positive because you're taking away one of your major competitors,'' said Jolson Merchant Partners analyst James Wilson, in reference to Homestore.com. Homestore will assimilate as·sim·i·late v. 1. To consume and incorporate nutrients into the body after digestion. 2. To transform food into living tissue by the process of anabolism. Move.com as well as the Cendant apartment locator service Rent Net and direct marketing company Welcome Wagon Noun 1. welcome wagon - a wheeled vehicle carrying information and gifts from local merchants for new residents in an area wheeled vehicle - a vehicle that moves on wheels and usually has a container for transporting things or people; "the oldest known wheeled in the deal. Cendant would add a 15 percent interest in Homestore.com to the list of companies in which it has significant ownership. Already included in its empire are Century 21 and Coldwell Banker brokerages, motel chains like Days Inn and several Avis franchises. Under the deal, expected to be completed within six months, Cendant agrees not to acquire further Homestore.com shares for 10 years. |
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