James Packer and Rupert Murdoch may have a cosy media relationship at the Ten Network, but they have been involved in the mother of all legals battles on the property front - until now.
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US digital real estate business Zillow announced on Monday evening it had agreed to pay $US130 million ($176 million) to News Corp-owned Move, settling a legal stoush that was threatening to hit the property player with up to $US2 billion in damages.
Packer signalled in February that he was losing his appetite for the battle by selling down most of his stake in Zillow. Packer invested $US300 million in Zillow in 2013.
In 2014, Murdoch's News Corp acquired Move, which had already instigated a law suit against Zillow over the poaching of some senior executives.
The settlement comes a week before the trial was due to start, with Move alleging its former executives stole trade secrets and later tried to cover up their actions by destroying evidence. In April one of the executives, Curt Beardsley, testified that he was just deleting evidence of his porn viewing habits.
"Today, we reached an amicable resolution to settle our lawsuit with News Corp and the National Association of Realtors," Zillow said in a statement to the market. "The agreement allows us to put this litigation behind us, and continue our focus on innovation and the huge opportunity in front of us as the consumer-focused market leader."
Move said it was "pleased to have reached an amicable resolution of this litigation".
The legal battle has weighed on Zillow's performance.
Its chief executive, Spencer Rascoff, reported a net loss of $US25.7 million in February, which included $US8.1 million worth of legal costs relating to the Move litigation.
Rascoff said the costs of the lawsuit could reach $US60 million, and when asked when it would all end, said he was happy to give a certain US media mogul a blast.
"You'd have to ask Rupert Murdoch that question," Rascoff said.
"We're focused on innovating; News Corp is focused on litigating. Unfortunately you see this all too often in business, where companies that lose on the business battlefield resort to the courtroom out of desperation ... It's vindictive, it's baseless."
Packer sold down his stake the following week.
Rascoff is obviously still recovering from the settlement. He has yet to inform his Twitter followers - his last update was about his yoga habits.
6:30am yoga with the @ZillowGroup leadership team at an offsite. Does your CEO do that? #ZillowLife pic.twitter.com/uD2MQSZIpe— Spencer Rascoff (@spencerrascoff) June 3, 2016
Got a tip? ckruger@fairfaxmedia.com.au
