Redfin Corp: restructuring charge — Redfin enters rental listing deal with Zillow for $100M, plans 450 job cuts

Redfin Corp

Zillow will pay Redfin $100M upfront for exclusive license of multifamily rental listings (>25 units) on Redfin sites.
Redfin to restructure rentals segment, eliminating approximately 450 roles between February and July 2025.
Expected restructuring charges of $18M to $21M, majority recognized by Q2 2025; completion by Q3 2025.
Content License has 5-year initial term with auto-renewal; Zillow pays Redfin per lead delivered.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Redfin Corp announced a restructuring with charges of between approximately $18 million and $21 million affecting rentals segment (approximately 450 rentals employees).

Type: restructuring
Charge: between approximately $18 million and $21 million
Affected area: rentals segment
Headcount: approximately 450 rentals employees

Exact text from the filing

In connection with our entry into the Content License and the Partnership Agreement, we plan to restructure our rentals segment. This restructuring primarily consists of eliminating certain employee roles within, or that support, our rentals segment between February and July, 2025. We expect this restructuring will impact approximately 450 rentals employees. We expect to incur between approximately $18 million and $21 million in total charges in connection with the restructuring.

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Source: SEC EDGAR

accession 0001382821-25-000004

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