Latest news with #CoStarGroup
CNA
an hour ago
- Business
- CNA
Zillow sued by CoStar for copyright infringement
NEW YORK :Zillow was sued on Wednesday by real estate information provider CoStar Group, which accused the largest U.S. online real estate portal of publishing at least 46,979 copyrighted photos without permission. The complaint filed in Manhattan federal court seeks unspecified compensatory and punitive damages, which CoStar estimated could exceed $1 billion. CoStar obtained a $500 million award in 2019 against the real estate listing platform Xceligent, over the publication of 38,489 copyrighted photos, court records show.
Yahoo
2 hours ago
- Business
- Yahoo
Zillow sued by CoStar for copyright infringement
NEW YORK (Reuters) -Zillow was sued on Wednesday by real estate information provider CoStar Group, which accused the largest U.S. online real estate portal of publishing at least 46,979 copyrighted photos without permission. The complaint filed in Manhattan federal court seeks unspecified compensatory and punitive damages, which CoStar estimated could exceed $1 billion. CoStar obtained a $500 million award in 2019 against the real estate listing platform Xceligent, over the publication of 38,489 copyrighted photos, court records show. Zillow did not immediately respond to a request for comment.
Business Wire
3 hours ago
- Business
- Business Wire
CoStar Sues Zillow For Rampant Copyright Infringement
NEW YORK--(BUSINESS WIRE)--CoStar Group, Inc. (NASDAQ: CSGP), a global leader in commercial real estate information, analytics, online marketplaces and 3D digital twin technology, filed a lawsuit in New York federal court today alleging rampant copyright infringement by Zillow. The infringement could hardly be more brazen. The complaint shows that Zillow is unlawfully exploiting tens of thousands of CoStar Group's watermarked photographs on its sites and on Redfin and making this one of the largest, if not the largest, image infringement cases in history. Since its founding, CoStar Group has invested billions of dollars in creating the most comprehensive database of real estate information. As part of its efforts, CoStar Group has built the world's largest library of real estate photographs. Over decades, CoStar Group has employed or hired thousands of professional photographers who have created millions of real estate images, which are owned and copyrighted by CoStar Group. CoStar Group's team of dedicated architectural photographers takes, and the company copyrights, over two million original real estate photos annually. Rather than invest in its own website, people, and intellectual property, Zillow has engaged in rampant copyright infringement. Zillow has published more than 46,000 CoStar Group images, many with the distinctive CoStar watermark, displaying those images more than 250,000 times on Zillow alone. Zillow's mass infringement is compounded by Zillow's recent partnerships with its purported competitors, Redfin and under which Zillow is the sole provider of multifamily listings on all three websites. Zillow is amplifying its infringement by publishing CoStar's images on both Redfin and There is no question that Zillow's misconduct is deliberate. Zillow is a repeat offender that has been found to infringe images before: the listings platform had to pay millions of dollars after a jury found Zillow liable for copyright infringement claims brought by real estate photography studio VHT, Inc. Andy Florance, CoStar's Founder and CEO, said: 'Zillow's theft of tens of thousands of CoStar Group's copyrighted photographs is nothing short of outrageous. Zillow is profiting from decades of CoStar Group work and the billions of dollars we have invested. Even worse, Zillow is magnifying its infringement on Redfin and If these other sites do not immediately remove our images, we will have no choice but to sue them as well. We are committed to stopping this systematic infringement and holding the wrongdoers to account.' About CoStar Group CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world's real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives. CoStar Group's major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; the leading platform for apartment rentals; and the fastest-growing residential real estate marketplace. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom. CoStar Group's websites attracted over 141 million average monthly unique visitors in the second quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit
New York Times
3 hours ago
- Business
- New York Times
Company That Owns Apartments.com Sues Zillow Over Rental Listing Photos
Zillow is using 'stolen' photos to help fuel the massive database that draws millions of gawkers to its website every month, said the founder and chief executive of CoStar Group, the real estate analytics company that owns and On Wednesday, CoStar sued Zillow for copyright infringement in New York federal court, claiming nearly 47,000 of their photographs are being used to advertise rentals on Zillow, with the distinctive watermark of CoStar's logo still visible on thousands of them. CoStar, a behemoth in its own right, has spent a little over a decade acquiring and as it seeks to dominate the home-search marketplace. It has taken on rivals like Zillow, the country's largest real estate site with 160 million properties and 230 million unique monthly visitors. In the same period of time, Zillow has been engaged in its own expansion, pushing its way into the rental market, and according to the lawsuit, now has about 60,000 rental listings. 'What Zillow has not told the public,' the lawsuit reads, 'is that its growth, at least in rental properties and listings, is driven in significant part by Zillow's widespread and systematic infringement of tens of thousands of CoStar-owned real estate images.' CoStar employs about 300 of its own real estate photographers to photograph the properties across the sites in its portfolio. Representatives from Zillow did not immediately respond to a request for comment on the suit. The complaint was filed along with 46,979 pages of exhibits, each containing an image owned by CoStar and licensed to brokers, property owners and property managers who advertise properties on the company's websites. The complaint also notes that the images are registered with the United States Copyright Office. Want all of The Times? Subscribe.
Forbes
2 days ago
- Business
- Forbes
Sustainability Compliance: What Does It Mean For Lease Accounting?
Mark McDonald is President of CoStar Real Estate Manager, a wholly owned subsidiary of CoStar Group. Sustainability reporting and compliance are essential topics for companies around the globe. Previously, they were a nice-to-have, but they are now a must-do for many. Stakeholders and partners, including investors, credit rating agencies, lenders, regulators and policymakers, are inquiring about companies' environmental, social and governance (ESG) accounting efforts. At the same time, increased scrutiny from the SEC is helping drive further investments in accurate and transparent sustainability reporting. All this means that sustainability efforts must now be a key element of corporate strategy. One aspect of ESG that's often not discussed is leases. But they are gaining more focus with ASC 842, which stipulates that all 12-plus-month leases should be noted as assets on balance sheets. ESG accounting requires a broad set of data to be compiled and reported on. Lease accounting and ASC 842 can play a large role in this process. How Sustainability Initiatives Impact Financial Reporting Companies are increasingly integrating sustainability efforts into their financial reporting. They are tracking and reporting on carbon costs and savings with financial-grade precision, ensuring that their ESG-related transactions are accurately reflected in their finances. This adds complexity to the reporting process. Many organizations are establishing new processes and collaborating with their partners to compile this data. At the same time, the SEC's focus on ESG reporting signals a shift toward more oversight and accountability. Companies must demonstrate the accuracy and completeness of their ESG disclosures to ensure that they meet regulatory requirements. This means they must have a thorough understanding of the relevant accounting standards and the ability to apply them effectively. Accounting teams must be well-versed in ESG matters and collaborate to ensure that all ESG-related transactions are properly accounted for and reported, including their company's leases. A Deeper Dive Into The Role Of Leases In Sustainability Reporting Leases are rarely discussed when companies first consider ESG efforts and progress. However, they can play a crucial role in presenting a company's sustainability commitments comprehensively and accurately. Energy service agreements (ESAs) can help in tying lease accounting to environmental efforts. These agreements are perfect examples of how ESG goals can now be better integrated into corporate operations and financial outcomes. They are financial and off-balance sheet financing solutions designed to facilitate the delivery of energy-saving services on a specific property. Typically, companies engage a vendor to help reduce their energy costs, and in return, share a portion of the resulting cost savings with the vendor. Under an ESA, the vendor may replace a company's existing energy infrastructure with environmentally sustainable equipment, retaining title to the equipment located at the company's premises. Payments to the vendor are generally based on the company's actual cost savings, making these agreements attractive from both an environmental and financial perspective. However, the unique structure of ESAs introduces specific accounting considerations that need to be addressed under ASC 842. Navigating The Complexity Of ASC 842 And Lease Accounting Established in 2016, ASC 842 is the lease accounting standard in the U.S. that focuses on fostering greater transparency between investors and companies. Lease accounting, the process by which a company records the financial impacts of its leasing activities, requires companies to prepare their financial statements in accordance with current U.S. GAAP guidance. With an ESA, ASC 842 requires companies to determine whether their contract includes an embedded lease. If it is, it must be shown in the company's financial reporting. If there is an embedded lease, the company must then determine whether the payments in the contract are required or flexible. If payments are required, the company must include them in its lease asset and liability measurement, which will impact its financial statements. Flexible payments are less of a big deal. Best Practices For Accounting Teams In ESG Integration To navigate the ever-evolving and always complex world of sustainability reporting, companies must first establish robust internal controls and processes. This includes regular audits, comprehensive documentation and clear communication with stakeholders. Proactively addressing potential issues and maintaining transparency helps companies build trust with investors and regulators, mitigating the risk of regulatory penalties and reputational damage. However, this is just the first step in establishing the right processes for ESG accounting. To better integrate ESG considerations into their financial reporting, accounting teams should adopt the following additional best practices: • Staying abreast of the latest developments in ESG reporting standards and regulatory requirements is crucial. This includes ongoing education and training to ensure that team members are equipped with the necessary knowledge and skills. • Collaborating with other corporate functions, such as sustainability and compliance, is also essential. By working together, teams can develop a cohesive approach to ESG reporting, ensuring that all relevant data is captured and accurately reflected in the financial statements. • Leveraging technology, such as specialized software for ESG data collection and analysis, can streamline the reporting process and enhance data accuracy. Future Trends In ESG Lease Accounting ESG efforts will continue to grow in importance, and we'll likely see this shape the future of lease accounting, including a few key trends. One is the continued adoption of advanced technologies like blockchain and artificial intelligence to enhance the transparency and accuracy of ESG reporting. I believe these technologies will continue to grow in popularity as they provide deeper insights into ESG performance via real-time visibility into data. Another trend to watch is the introduction of new regulations and standards aimed at promoting greater accountability and consistency in ESG reporting. Companies will need to stay ahead of these changes, adapting their reporting processes to align with the evolving regulatory landscape. Through proactive engagement with stakeholders and the continuous improvement of their reporting processes, companies can position themselves for success in the evolving landscape of ESG accounting. 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