Rupert Murdoch's eldest son, Lachlan, yesterday strengthened his Australian media business, buying the remaining 50 per cent of Daily Mail & General Trust's (DMGT) radio division, DMG Radio Australia, for £65m.
In addition to yesterday's cash payment, DMGT will receive a dividend later this year from the radio business, which owns a string of stations in Australian cities such as Sydney, Melbourne and Adelaide.
Ilyria, Lachlan Murdoch's (pictured) private investment vehicle, bought an initial half-stake in DMG Radio Australia in November 2009 for about £63m.
DMGT's chief executive, Martin Morgan, has looked to increase the media group's digital presence while at the same time reducing its exposure to consumer-facing and "non-core" operations. It will use the proceeds to pay down debt. The owner of the Daily Mail already generates more than two-thirds of profits from business-to-business operations such as events and financial information.Reuse content