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Lachlan Murdoch Buys Rest of DMG Radio Australia From Daily Mail

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Sept. 3 (Bloomberg) -- Lachlan Murdoch’s private equity firm Illyria bought 50 percent of DMG Radio Australia from Daily Mail and General Trust Plc for full ownership of the company of which he is chairman.

Lachlan, the oldest son of Rupert Murdoch, has paid A$100 million ($103 million) in cash and will pay a further sum equivalent to 50 percent of the final DMG Radio Australia dividend for the year ended Sept. 30, Daily Mail said in a statement today. Lachlan acquired the other half of DMG Radio Australia in 2009 and the radio broadcaster is now developing its online and digital business, according to its website.

Lachlan, a former publisher of his father’s New York Post newspaper, stepped away from News Corp. in 2005 to focus on businesses outside of his family. In February he was named chairman of Ten Network Holdings Ltd., the owner of one of Australia’s largest TV networks.

“Following an approach from Illyria, we decided now was an appropriate time to realize the value created by DMGRA’s improved performance,” Daily Mail Chief Executive Officer Martin Morgan said in the statement. Daily Mail, based in London, said it will use proceeds to reduce debt.

Daily Mail shares were unchanged at 479.5 pence at 8 a.m. in London trading.

To contact the reporter on this story: Kristen Schweizer in London at kschweizer1@bloomberg.net.

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net.

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