Murdoch’s son buys stake in DMGT radio

City A.M. Reporter
RUPERT Murdoch’s son Lachlan yesterday acquired the remaining 50 per cent of Daily Mail & General Trust’s (DMGT) Australian radio business that he did not already own.

Lachlan Murdoch’s private investment vehicle, Illyria, took full control of the radio firm in a deal worth more than £65m, having initially paid A$112m (£63m) for half of the business in 2009.

DMGT said yesterday it will use the proceeds of the sale to reduce debt.