Lachlan Murdoch has bought the remaining 50% of Australian radio network DMG Radio Australia he did not already own, three years after he first bought into the broadcaster.
Murdoch, the chairman of DMG Radio which has a network of nine stations in Sydney, Melbourne and other capital cities, said the company’s earnings before interest, tax, depreciation and amortization had doubled since November 2009, Reuters reported.
The DMG stations:
Nova: Nova is DMG’s brand for their CHR stations.
Nova 96.9 – Sydney 96.9 MHz
Nova 100 – Melbourne 100.3 MHz
Nova 93.7 – Perth 93.7 MHz
Nova 91.9 – Adelaide 91.9 MHz
Nova 106.9 – Brisbane 106.9 MHz
Smooth Radio Network
Smooth 95.3 – Sydney 95.3 MHz
Smooth 91.5 – Melbourne 91.5 MHz
Star 104.5 FM – Rock format, Gosford, Australia.
FIVEaa: a talk radio station in Adelaide on 1395 AM and Digital Radio.
NovaNation – Dance station available in mainland state capitals on digital radio.
Koffee – Chillout music station, available in most mainland state capitals, with the exception of Perth.
Murdoch did not disclose the price his investment firm Illyria paid to buy the stake from British newspaper publisher Daily Mail and General Trust, but reportedly it was about A$100 million ($103 million).
Speculation earlier this year suggested Lachlan, the eldest son of Rupert Murdoch, could return to an executive role with News Corp., but Rupert dismissed that as “highly unlikely” as Lachlan was focusing on his business interests in Australia.
Lachlan also owns 9% and is chairman of Australia’s third-ranked TV network, Ten Network Holdings Ltd. He remains a director of News Corp.