Lachlan Murdoch’s private investment company, Illyria, has bought a 50% stake in broadcaster DMG Radio Australia, and will become chairman of the company.
Following the acquisition, Illyria will equally share ownership in DMG with the Daily Mail and General Trust.
DMG Radio Australia operates the Nova FM network of stations, as well as the Vega FM network in Sydney and Melbourne.
“I am very happy to be partnering with DMGT in driving the future of DMG Radio Australia,” Murdoch said.
The financial terms of the transaction were not disclosed.
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