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

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: 


Snap Inc. Spectacles! 



  Hot Takes: 


Twitter-Disney rumors, according to “people familiar with
matter”! 

AppLovin’s journey from bootstrapped startup to $1.4B exit



  The Carve Out: 


Ben: The Marvel Symphonic Universe

David:  Shoe Dog by Phil Knight

Kathleen: The Struts