Lachlan Murdoch takes full control of DMG Radio Australia
04 Sep 2012
Lachlan Murdoch, son of media baron Rupert Murdoch, has taken complete control of popular Australian broadcaster DMG Radio Australia (DMGRA) by increasing his investment company's stake in the joint venture from 50 per cent to 100 per cent.
Lachlan Murdoch's private investment venture Illyria Pty Ltd has acquired the half-stake from British media conglomerate Daily Mail and General Trust Plc (DMGT) by paying over $100 million.
DMGT is one of the largest media companies in Europe with interest in newspapers, television and radio. Its publications include Daily Mail and Mail on Sunday.
Sydney-based DMGRA operates radio networks in metropolitan and regional areas of Australia under various popular brands including 'Nova' and 'Smooth.'
Through the acquisition, Murdoch has reinforced his position in the media business. In 2010, he bought a 9-per cent stake in Australian commercial television operator Ten Network.
Earlier in 2009, Illyria Pty Ltd had acquired 50 per cent of DMGRA for approximately $110 million, with Lachlan Murdoch becoming the chairman of the joint venture.
