Acquired

Episode 22: Zillow + Trulia (with Zillow Group CFO Kathleen Philips)

Oct 14, 2016

01:16:46

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Highlights

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Episode notes

Zillo Group

03:48

Zillo - How Did You Get to Think About It?

03:39

Zilo Group Strategy for the Next Two Years?

02:34

Introduction

3min

Investing Intuition - The New Way to Do Business

2min

Zillo and Trulia - The Acquisition Process

4min

Zilo

3min

Ipo - Is Zilla a Public Company?

5min

The Generational Focus of the Real Estate Market Shifts

3min

What's the Difference Between Zillo and Peton?

2min

Is It a New Tactic?

5min

Zillo - How Did You Get to Think About It?

4min

10.

Zillo Group

4min

11.

Julia vs Zilla

4min

12.

The First Weaver Ever Had a Story Like That

5min

13.

How Does the FTC Decide What the Market Is?

3min

14.

Zilo Group's Acquisition Strategy

2min

15.

Zillo vs Trulia

3min

16.

Buying More Supply and More Demand

2min

17.

Zilo Group Strategy for the Next Two Years?

3min

18.

Zilo Group - What's Your Secret?

5min

19.

Building Your Audience First, and Advertisers Follow Audience

2min

20.

Zillo Group's Acquisition

4min

21.

Snap Chat Is a New Form of Communication, Like, You Can Order Anything

2min

22.

Is the Potential Disney Offer Coming In?

2min

23.

The Marvel Movie Theme

3min

24.

Tegus - Achieved - Is Awesome?

2min

CFO of Zillow Group Kathleen Philips joins Ben and David to cover the show’s first true “merger” versus “acquisition" (only took 22 episodes!), Zillow’s 2015 combination with Trulia to form Zillow Group. Note: our audio glitches unfortunately continued on this episode, and quality is rough. We recommend listening on speakers vs headphones if you’re able. We apologize and will be back to normal quality next time!

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Topics covered include:

Zillow and Trulia’s beginnings during the “Web 2.0” era in the mid-2000’s
Zillow, Trulia and other online players’ place within the massive US real estate market
The lengthy “dance" between Zillow and Trulia and earlier aborted merger talks between the two
The difficulty of "true mergers” among private companies and why the path is easier for public companies
Public company shareholders’ influence and role in M&A transactions
Details of the blazingly fast negotiations (27 days start to finish!) per disclosures in the SEC filings (scroll down to "Background of the Mergers”)
Structuring the deal and incentivizing Trulia and Zillow mangers to stay and continue growing as separate brands
Trulia cofounder Sami Inkinen’s whereabouts during the merger negotiations
The experience going through a lengthy FTC review of the merger, and defining what the relevant “market” is the FTC should be considering
Introducing our new acquisition category: a “timeline acquisition” ;) (h/t Kathleen)
Zillow Group’s overall approach to acquisitions, folding into its broader HR strategy
Zillow founder Rich Barton’s startup thesis of searching for "What piece of marketplace information do people crave and don’t have?"

Followups: