Murdoch buys other half of DMG Radio for $100m
Lachlan Murdoch has bought the 50% of DMG Radio Australia he did not already own from Daily Mail and General Trust, his investment company Illyria has announced.
Mumbrella understands that Murdoch will pay $100m, plus 50% of whatever the company’s annual dividend is when its financial year ends in September.
Murodoch bought his first half share in the company from DMGT just under three years ago.
DMg Radio’s main assets are the Nova Network and the recently launched smoothfm, which replaced the failed launch of Classic Rock, which in turn replaced Vega.
While many will applaud Mr Murdoch’s move, others will be nervous, given economies will all most certainly have to be made. And what does the sale price — especially when compared to the cost of the licences in the first place — say about the value of SC Austereo, Fairfax and ARN?
I don’t think Lachlan Murdoch has investment in Prime Media anymore?
Considering DMG paid $153M for Nova Sydney and $100M for 95.3 Sydney – then buying half of the entire network for $100M is a bargain!!
Awesome. Looking forward to hearing the Paul Henry Breakfast show on Smooth fm, then. Should be a corker…. oh wait…