- Move, Inc. provided the following statement regarding Zillow CEO Spencer Rascoff's comment on CNBC:
Last Friday on CNBC, Zillow CEO Spencer Rascoff [largest property portal in the US] accused Rupert Murdoch of News Corp [having bought Realtor.com Zillows rival in late 2014 ] of acting out of 'desperation' in filing a 'vindictive' lawsuit. But that litigation was filed by Move long before News Corp even owned the company, and it is based squarely on the merits of the case, not emotions. In Zillow's own filings with the SEC [see below], it has concluded there is a 'reasonable possibility' it will suffer a loss in this lawsuit.
;) oh yeah :)
It's understandable why Mr. Rascoff said today of the litigation, he's 'tried to put it out of my mind.' Just last week, the judge ordered defendants to appear for a two-day evidentiary hearing on April 13 and 14 into
Move's claims that important evidence has been destroyed by some or all of the defendants in this case."
The legal tensions are escalating between Zillow and News Corp.-owned Move Inc.
And with good reason. There’s a lot of money at stake.
In its fourth quarter earnings report this week, Zillow’s profits fell short of expectations, after the Seattle online real estate company spent $8.1 million on an ongoing lawsuit with Rupert Murdoch’s News Corp., which in 2014 acquired Move Inc.
In a SEC filing on Friday, Zillow said that legal costs related to the Move Inc. litigation mounted to $27.1 million last year. And those expenses are expected to go up in 2016, reaching an eye-popping $36 million.
That’s a lot of coin for a suit that largely centers around one employee.
The dispute is tied to former Move executive, Errol Samuelson[ pictured above], who was hired by Zillow in March 2014.
Samuelson and Zillow were promptly sued by Move for allegedly hijacking trade secrets, with Sameulson sidelined in July 2014 from working at Zillow by a Washington State Superior Court Judge, a ban that was lifted last year.
If the rivalry wasn’t nasty enough in the courts, some verbal barbs flew this week.
In a Friday appearance on CNBC, Rascoff was asked how long the legal bills would hang over Zillow.
“You’d have to ask Rupert Murdoch that question,” said Rascoff, referring to the News Corp. chairman.
related articles
What next for Zoopla ,Realtor or Zillow ?
The Perfect Property Storm ?
Rascoff continued:
“We are focused on innovating, News Corp. is focused on litigating. Unfortunately, you see this all too often in business where companies who lose on the business battlefield resort to the court room out of desperation. We have been sued by News Corp. We are forced to defend ourselves. It is vindictive, it is baseless. But I try to put it out of my mind, and focus on turning Zillow into a $5 billion or $10 billion revenue company and I leave it to the lawyers to handle it.”
In response to the CNBC appearance, Move issued this statement:
On Friday 12 February 2016 CNBC, Zillow CEO Spencer Rascoff accused Rupert Murdoch and News Corp of acting out of ‘desperation’ in filing a ‘vindictive’ lawsuit. But that litigation was filed by Move long before News Corp even owned the company, and it is based squarely on the merits of the case, not emotions. In Zillow’s own filings with the SEC, it has concluded there is a ‘reasonable possibility’ it will suffer a loss in this lawsuit.
Startup Grind Seattle Hosts Spencer Rascoff, CEO (Zillow)
It’s understandable why Mr. Rascoff said today of the litigation, he’s ‘tried to put it out of my mind.’ Just last week, the judge ordered defendants to appear for a two-day evidentiary hearing on April 13 and 14 into Move’s claims that important evidence has been destroyed by some or all of the defendants in this case.”
About Move, Inc. and realtor.com®
Move, Inc. operates the realtor.com® website and mobile experiences, which provide buyers, sellers and renters of homes with the information, tools and professional expertise they need to discover and create their perfect home. News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] acquired Move in November 2014, and realtor.com® quickly established itself as the fastest growing online real estate service provider as measured by comScore.
As the official website of the National Association of REALTORS®, consumers know they can look to realtor.com® for the most comprehensive and accurate information anytime, anywhere. With relationships with nearly 800 multiple listing services (MLS), realtor.com® has more than 3 million for-sale listings, which account for more than 97 percent of all MLS-listed for-sale properties. More than 90 percent of the listings are updated every 15 minutes. Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNetSM and others. Move supports real estate professionals by providing many services to grow their businesses in an increasing digital, on-demand world, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®;Top Producer® Systems; and FiveStreetSM and Reesio as well as many free services.
Forward-Looking Statements
This document contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory and other factors. More detailed information about these and other factors that could affect future results is contained in News Corp's filings with the Securities and Exchange Commission. The "forward-looking statements" included in this document are made only as of the date of this document and we do not have any obligation to publicly update any "forward-looking statements" to reflect subsequent events or circumstances, except as required by law.
Further Reading
searching for a home to buy on zillow.com ?
Bill Gates Bill's playlist The eight tracks Bill Gates would most want on a desert island
Why sticking plasters, won't help, CountryWide plc
Spanish house prices 2015 see rise highest rise 2007 crash , stabilisation of housing market, idealista.com
Are you paying your high street estate agent to much to money ? Take the Challenge @onthemarketblog
An analysis of recent trends in the Irish rental market 2015 in Review
Peter Long ex Royal Mail Chairman-designate, becomes new chairman of Countrywide Plc
Scotlands House prices rise and sales grow ros.gov.uk
Alison Platt CEO Countrywide PLC Pie in Sky
PURPLEBRICKS.com [LON:PURP] and ZOOPLA PROPERTY (ZPLA) on The smart money, as Rightmove RMV Plc fall
Formula One star Eddie Irvine lists his Irish home on Airbnb
Connells Estate Agents named and shamed in National Minimum Wage , Government offenders list .
Zac GoldSmith and Sadiq Khan ,Mayor of London Hopefuls. the housing crisis London
Connells Estate Agents named and shamed in National Minimum Wage , Government offenders list .
Robert Durst Real Estate develeoper , Indicted on Weapon and Drug Charges in Louisiana
zoopla.co.uk #ZPLA comes out fighting bucking the FTSE 250 Market
Investors eye growing number of online UK estate agents
£24m Westminster Mansion Sold Online to save High Street Estate Agent Fees
Airbnb Sharing Economy Marks 4M UK Guests by Hosting Business Secretary
More than 1,000 homes could be built on the site of a disused power station site, near Southampton Fawley Power Station set for housing plan
Kettering high street letting agent jailed for ripping off tenants and landlords
How BlockChain may solve fraud in Real Estate property industry #CRE
More than 1,000 homes could be built on the site of a disused power station site, near Southampton Fawley Power Station set for housing plan
Yahoo Marissa Meyers CEO many heads are better than One
Oxford City Council to stop beds in sheds becoming an accepted feature by landlords
easyfoodstore.com Airline founder opens mega discount store
European Union reform , primeminster David Cameron
House prices rise and sales grow as Scotland's house market enters "robust" phase
Alison Platt CEO CountryWide PLC High Street Estate Agent > Debunking the Myth of Corporate PR
Boost for housing as government puts hundreds of acres of land up for sale
Class War protest outside Kennington Road London High Street Estate Agents Reed and Rains
Airbnb Sharing Economy Marks 4M UK Guests by Hosting Business Secretary
PURPLEBRICKS [LON:PURP] The Telegraph Questor share tip:
Comparethemarket ready set go for Large IPO
Purplebricks.com interim results, good start, launches in house data sales, online market share continues
what next for zoopla realtor or zillow
What do online sales mean for Tesco and CountryWide PLC Retail 2016 ?
1 in 5 home insurance claims rejected and UK flooding insurance statistics 2015
Right-to-buy rush pushes home loans to seven-year high: Loans totaling £220bn were handed out in 2015
Alex Chesterman CEO of Zoopla , Crude Oil price and the Markets, Stephen Morana CFO departs ZPG
Drug Lord Escobar’s Miami Home Demolished , mansion property of the devil dissapearing
How BlockChain may solve fraud in Real Estate property industry #CRE
Private palaces: Russia moves to hide property data
Iconic Building Lincoln House [Former Maharajah Palace and US embassy ] sold to business tycoon $113m
Spectre of facing Spanish fraud trial: Sean Connery's wife accused of 5.5 million pound property tax swindle
Wales hotel that was the scene of a quadruple murder has sold for £150,000
zoopla.co.uk #ZPLA comes out fighting bucking the FTSE 250 Market
Investors eye growing number of online UK estate agents
Government urged to use Bitcoin-style digital ledgers, could help issue land registry property title deeds
Royal Bank of Scotland to settle on US mortgages within Weeks
Birmingham, Berlin and Hamburg are top of the property market as the capital is overtaken by cities such as Budapest and Istanbul
Bank of England's Carney says no timetable for rate rise , interest rates , buy-to-let
Euro Zone banking Oil price falls Iran sanctions lifted and Property Industry and Portals
Investment fund behind purplebricks.com acquire Property Developer operating in Ibiza
Competition and Markets Authority 2016 will be a very interesting year for CMA in all facets of competition within the property industry
Royal Bank of Scotland to settle on US mortgages within Weeks
The snow balling woes of CountryWide PLC high street estate agency
Prime Minister David Cameron pledges to transform sink estates @onthemarketblog
How BlockChain may solve fraud in Real Estate property industry
UK house prices rose 9.5% in 2015, says Halifax
More buy-to-let landlords searching for mortgages on cheaper properties + housing market shows no sign of slowing down winter months
Aldi Lidl shoppers won't jump ship to Tesco Ground Hog Day / Tesco wants its money back
buying letting renting property and homes, will never be the same again
New head of development joins leading online estate agency easy property + launching #CRE auctions
Bank of England volatility has extinguished any prospect of a rate rise in the near-future.on track for seven years of record low interest rates as global markets turmoil
Why UK Property Online Real Estate Agents really do have billon pound start up potential Says GOOGLE
Bowie predicted the internet of things which can be applied to property industry today
2016 year of Tech start Future is VERY BRIGHT from London to New York
Birmingham, Berlin and Hamburg are top of the property market as the capital is overtaken by cities such as Budapest and Istanbul
more Countrywide plc disruption as chairman leaves largest UK high street estate agency
Countrywide PLC UKs largest Real Estate
Agency - Alison Platt CEO Let The Battle Commence Online
UK's biggest estate agent Countrywide sees shares plunge 12% as shortage of properties for sale hits profits
why wallpapering over the cracks won't help, Country Wide PLC
countrywide PLC sees a direct threat from online real estate agents like for like
Comments
Post a Comment