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News Corp wants Damian Eales to replicate REA in the US

Sam Buckingham-Jones
Sam Buckingham-JonesMedia and marketing reporter

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News Corp has installed one of its most senior Australian executives, Damian Eales, as the new boss of Move, the media conglomerate’s US real estate business.

Mr Eales, who moved from Sydney to New York in July 2020 to take up a role as global head of transformation at Rupert Murdoch’s media empire, will have oversight of a division News Corp hopes can mirror the Australian success of REA Group in the $US200 billion ($304 billion) American market.

News Corp had planned to sell its majority stake in Move – which owns realtor.com – to rival CoStar Group in a deal that would have been worth around $US3 billion. In February, the company abruptly ended sale plans, which had only arisen after it failed in its bid to merge with Fox Corporation.

Mr Eales – brother of former rugby union player John Eales – is a well-known executive in News Corp’s local ranks, having previously managed the operations and marketing of the Australian publishing business. He takes over from David Doctorow, Move’s current chief executive who steps down from June 12.

News Corp global chief executive Robert Thomson.  

Mr Eales was a senior lieutenant under then-David Jones chief executive Mark McInnes, before joining Westpac in 2011 and News Corp Australia in 2013. He led its early push for subscribers – it now has more than 1 million – oversaw its popular news.com.au website and had a prominent role building REA Group and its flagship realestate.com.au.

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His global role, News Corp said, had “yielded significant savings” and increased collaboration among business units.

News Corp chief executive Robert Thomson said Mr Eales’ experience could build Move into a bigger player in the North American real estate market.

“I am confident that his acumen and acuity will serve him well in leading Realtor.com into a new era of growth,” Mr Thomson said. He alluded to deeper links and resource and staff moves between Move and REA, which owns 20 per cent of the US company.

REA Group chief executive Owen Wilson said Mr Eales would be “a strong ally for us and a very effective leader of Realtor.com”.

Mr Eales said he was “confident that we can leverage the assets of REA and News Corp and build a bright future for this pioneering real estate leader”.

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Move owns realtor.com, moving.com and rentals website doorsteps, and shares real estate information and tools for professional and consumer audiences.

It was acquired by News Corp in November 2014, and Mr Thomson said it had since “more than tripled its revenues” to $US712 million in the last reported fiscal year.

Sam Buckingham-Jones is the media and marketing reporter at The Australian Financial Review. Connect with Sam on Twitter.

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