Dive Brief:
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Zillow and Trulia completed their $2.5 billion merger on Tuesday, combining the two largest online real estate portals.
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As part of the all-stock deal, Trulia has become part of the Zillow Group, but will retain its name. Other brands in the Zillow Group are StreetEasy and HotPads.
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The merged company is eliminating approximately 350 jobs, mostly duplicate positions.
Dive Insight:
The merger has been in the works for several months, but wasn't set to be finalized until the FTC and shareholders approved it at the beginning of this year.
The Zillow-Trulia online marketplace represents approximately 5% of real estate-related advertising, which Zillow CEO Spencer Rascoff has said is worth “10s of billions of dollars.” He predicted that real estate advertising will continue to gravitate toward the web, as house hunters increasingly shop for homes on mobile devices and websites.