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Technology | TECHNOLOGY IN BRIEF

Homestore-AOL Agreement

May 02, 2000|Bloomberg News

Homestore.com Inc. said it reached a five-year expanded agreement valued at more than $200 million with America Online Inc. to be the exclusive provider of real estate listings and home services on the world's largest online service. Thousand Oaks-based Homestore.com controls more than 90% of homes listed for sale on the Internet, which has prompted an investigation by the Justice Department. AOL will receive shares amounting to a 5.6% stake in Homestore.com. Homestore.com's shares rose $4.63, or 25%, to close at $22.88 on Nasdaq. Dulles, Va.-based AOL fell 75 cents to close at $59.25 on the New York Stock Exchange.

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