Daily Mail owner sells Australian radio assets

published 3 September 2012

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.