Australia's competition regulator launches probe into REA Group

Reuters

05-29

Australia's competition regulator launches probe into REA Group

May 29 (Reuters) - Australia's competition watchdog said on Thursday it was investigating REA Group REA.AX, days after the News Corp-controlled NWSA.O online property listings firm confirmed the probe.

REA said earlier this week it had received a notice from the Australian Competition & Consumer Commission (ACCC) to provide information on some of its subscription offerings.

The company runs classifieds website realestate.com.au, which offers subscriptions to real estate agents.

The ACCC wants "to ensure there is strong competition in the important real estate sector," a spokesperson for the watchdog said in an email response to Reuters on Thursday.

The investigation is at an early stage and the regulator is yet to form a view, the spokesperson added.

Rupert Murdoch's News Corp owns a 61% stake in the company.

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Shinjini Ganguli)

((Aaditya.GovindRao@thomsonreuters.com;))

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