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CFO of Zillow Group Kathleen Philips joins Ben and David to cover the show\\u2019s first true \\u201cmerger\\u201d versus \\u201cacquisition" (only took 22 episodes!), Zillow\\u2019s 2015 combination with Trulia to form Zillow Group.\\xa0 \\xa0Note: our audio glitches unfortunately continued on this episode, and quality is rough. We recommend listening on speakers vs headphones if you\\u2019re able. We apologize and will be back to normal quality next time!

Sponsors:
Vanta: https://bit.ly/acquiredvanta
Crusoe: https://bit.ly/acquiredcrusoe
Modern Treasury: https://bit.ly/acquiredmoderntreasury

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• Zillow and Trulia\\u2019s beginnings during the \\u201cWeb 2.0\\u201d era in the mid-2000\\u2019s\\xa0
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• Zillow, Trulia and other online players\\u2019 place within the massive US real estate market
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• The lengthy \\u201cdance" between Zillow and Trulia and earlier aborted merger talks between the two
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• The difficulty of "true mergers\\u201d among private companies and why the path is easier for public companies\\xa0
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• Public company shareholders\\u2019 influence and role in M&A transactions\\xa0
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• Details of the blazingly fast negotiations (27 days start to finish!) per disclosures in the \\xa0SEC filings (scroll down to "Background of the Mergers\\u201d)
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• Structuring the deal and incentivizing Trulia and Zillow mangers to stay and continue growing as separate brands
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• Trulia cofounder Sami Inkinen\\u2019s whereabouts during the merger negotiations\\xa0
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• The experience going through a lengthy FTC review of the merger, and defining what the relevant \\u201cmarket\\u201d is the FTC should be considering
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• Introducing our new acquisition category: a \\u201ctimeline acquisition\\u201d ;) (h/t Kathleen)
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• Zillow Group\\u2019s overall approach to acquisitions, folding into its broader HR strategy\\xa0
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• Zillow founder Rich Barton\\u2019s startup thesis of searching for "What piece of marketplace information do people crave and don\\u2019t have?"
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\\xa0 Followups:\\xa0

• \\nSnap Inc. Spectacles!\\xa0

\\xa0 Hot Takes:\\xa0

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• Twitter-Disney rumors, according to \\u201cpeople familiar with matter\\u201d!\\xa0
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• AppLovin\\u2019s journey from bootstrapped startup to $1.4B exit\\n
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\\xa0 The Carve Out:\\xa0

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• Ben: The Marvel Symphonic Universe\\n
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• David: \\xa0Shoe Dog by Phil Knight
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• Kathleen: The Struts\\n
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