Acquired14 Loka 2016

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!

Sponsors:

Sierra: https://bit.ly/acquiredsierra
Sentry: https://bit.ly/acquiredsentry
Anthropic: https://bit.ly/acquiredclaude25
Vanta: https://vanta.com/acquired

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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

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Episode 3: Twitch

Ben and David discuss Amazon's acquisition of Twitch in 2014. Unlike previous episodes, this recent acquisition still has a lot of open questions, and Amazon hasn't publicly reported growth of Twitch since the purchase. Ben and David talk about Justin Kan's original product with Justin.tv, and the transformation into the Twitch that Emmett Shear is running today.Sponsors:Sierra: https://bit.ly/acquiredsierraSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25Vanta: https://vanta.com/acquired More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

16 Marras 201555min

Episode 2: Instagram

Ben and David discuss Facebook's acquisition of Instagram in 2012. Was it a success? If so, what are the criteria that made it work? What lessons can be learned for other acquisitions in the future?Sponsors:Sierra: https://bit.ly/acquiredsierraSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25Vanta: https://vanta.com/acquired More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

1 Marras 201544min

Episode 1: Pixar

Ben and David discuss Disney's acquisition of Pixar in 2006. Was it a success? If so, what are the criteria that made it work? What lessons can be learned for other acquisitions in the future?Sponsors:Sierra: https://bit.ly/acquiredsierraSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25Vanta: https://vanta.com/acquired More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

15 Loka 201540min

Trailer: What is Acquired?

Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them. The episodes are deep and heavily-researched, uncovering the full histories behind household names you thought you already knew like Rolex, Amazon, Starbucks, or NVIDIA. Enjoy!

1 Loka 20152min

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