Daily Mail and General Trust, the newspaper and magazine publisher, is to sell its remaining half-share in DMG Radio Australia to Illyria, the private investment vehicle of Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch.
Illyria will pay £65m for the holding, giving it 100% ownership, while DMGT will also receive a further sum, equivalent to 50% of the Australian radio network's dividend for the year ending September 30th.
Martin Morgan, Chief Executive of DMGT, said: "Our partnership with Illyria over three years has been a success. Following an approach from Illyria, we decided now was an appropriate time to realise the value created by DMGRA's improved performance.
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"The transaction represents another step forward for our strategy to concentrate resources on a more focused portfolio of businesses".
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