Lachlan Murdoch buys half of DMG Radio Australia


Rupert Murdoch’s son Lachlan Murdoch has bought half of DMG Radio Australia via his Illyria company and will become chairman of the joint venture company (Lachlan resigned from his executive positions at News Corporation in July 2005). DMG founder Paul Thompson will remain with the company as a special advisor to Murdoch. Australia’s radioinfo says the deal is worth about $112 million (AUS), and is Murdoch’s second investment since he began looking for media opportunities in Australia. Meanwhile, DMG reported an operating profit of $7.2 million (AUS), up by 85% on last year’s $3.6m. The results were finalized before the announcement that Lachlan had bought into DMG.