"Zillow paid millions of dollars to eliminate Redfin as an independent competitor in an already concentrated advertising market - one that's critical for renters, property managers, and the health of the overall U.S. housing market"
"listing syndication with Redfin benefits both renters and property managers"
"expanded renters' access to multifamily listings."
"strongly disagrees with the FTC's allegations"
The Federal Trade Commission alleges Zillow and Redfin entered an illegal agreement after Zillow paid Redfin $100 million in February. The FTC contends Redfin agreed to end contracts with advertising partners, stop competing multifamily ads for up to nine years, and serve as a syndicator of Zillow listings on Redfin sites. The complaint notes Redfin fired hundreds of employees and allegedly assisted Zillow in hiring selected workers. The FTC warns the scheme could reduce competition, raise prices, and limit choices for multifamily advertising customers. Zillow calls the syndication pro-competitive and says it expanded renters' access; Redfin disputes the allegations and is confident it will prevail.
Read at SFGATE
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