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Murdoch’s son buys radio company

Published: 26/11/2009 05:00

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Rupert Murdoch’s son Lachlan has made his biggest investment since leaving News Corporation more than four years ago, Australian Associated Press.

Lachlan Murdoch’s private investment company Illyria has acquired a half share and management rights of DMG Radio Australia.

The transaction, believed to be costing about 120 million Australian dollars (111 million U.S. dollars), will see him become chairman of a new joint venture company, DMG Radio Australia’s parent company Daily Mail and General Trust plc revealed.

John Connolly, a spokesman for Illyria, said the decision to invest in the company followed an “exhaustive” search.

He said the company looked at about 300 media and media-related properties, before deciding on DMG Radio Australia because it was a “great media business”.

“He likes commercial radio and sees plenty of growth in it, but equally, just after the global financial crisis a great time to be buying because, of course, everyone is doing it tough,” Connolly said.

Through Illyria, Mr. Murdoch has made investments in Australian regional television group Prime Media, Funtastic, which licenses television programs and develops toys, and a team in the Indian Premier League cricket tournament.

VietNamNet/Xinhuanet

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