Lachlan Murdoch takes 50% stake in DMG Radio

Lachlan Murdoch’s private investment company Illyria is acquiring a 50 per cent stake in DMG Radio Australia, in a deal that will also see him become chairman of the joint venture.  

DMG Radio, which is owned by the Daily Mail and General Trust, holds nine radio licences, including the Nova network which has stations in Sydney, Melbourne, Brisbane, Adelaide and Perth; and the older-skewed Vega FM stations in Sydney and Melbourne.

Murdoch said: “Patience is a virtue, and after exhaustively searching the market for the right acquisition, we have found in DMG Radio Australia the right business, the right partner and the right brands which are positioned for exemplary growth.

“The skills we have in-house at Illyria will complement the strengths of DMG Radio Australia.”

Murdoch set up Illyria in 2005. His other media investments include a stake in regional broadcaster Prime Media.


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