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Last Updated: Wednesday, 2 November 2005, 17:49 GMT
News International buys website
Propertyfinder.com lists homes from across the UK
Rupert Murdoch's newspaper group News International has bought UK classified advertising website Propertyfinder.com for 14.3m ($25.3m).

News International, owner of The Sun and The Times, is the latest newspaper business to snap up an internet advertising website.

Newspaper companies are making the move as more and more advertising switches from print to the internet.

Both the Daily Mail and Trinity Mirror have recently made similar purchases.

The Daily Mail purchased jobs website Zambeasy - which controls a recruitment website, while Daily Mirror owner Trinity Mirror agreed to buy worktthing.com operator Hotgroup as well as Financial Jobs Online.

Migrating advertising

"The threat of losing print advertising dollars to online media is very real," Mr Murdoch said in a speech to newspaper editors back in April.

"In fact, it's already happening, particularly in classifieds."

Under the terms of its Propertyfinder.com takeover, News International and sister company realestate.com.au, have bought 95% of the website's owner Asserta Holdings.

The seller is venture capital firm Arts Alliance and a number of minority shareholders.

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