Murdoch’s REA Can’t Expect Open Door at Rightmove: Chris Hughes

Surfing for real estate, peeking at photos of other people’s kitchens and checking on house prices are among Britons’ top pastimes. Small wonder foreign investors see an opportunity in the UK’s property portals. Monday brought news of interest from Australia’s REA Group Ltd., controlled by 93-year-old media tycoon Rupert Murdoch, in leading property website Rightmove Plc. As every property expert knows, it’s easy to look — and hard to buy.

Rightmove’s stock has had a difficult few years. It closed Friday pretty much where it was at the end of 2019, valuing the company at £4.4 billion ($5.8 billion). This may be the foremost real ...