Move Redeems Stock For Elevation

Move, Inc., the operator of real estate sites and, said Thursday that it has reached an agreement to redeem $70M in Series B preferred stock owned by Elevation Partners. The firm, which is based in Northern California but has major operations in Thousand Oaks, said that Elevation will continue to hold $50M in Series B preferred stock in the firm. Move said the moves are part of a plan to "streamline" its capital structure. The redemption comes as part of a proposed, one-for-four reverse stock split for the company and a $25M stock repurchase program. Elevation Partners took its initial stake in Move Networks in November of 2005.