Lachlan Murdoch Buys Half Of DMG Radio Australia, Eyes Share Of Nielsen Trades
November 30, 2009 at 5:02 PM (PT)
RUPERT MURDOCH's son LACHLAN MURDOCH has purchased 50% of DMG RADIO AUSTRALIA from DAILY MAIL AND GENERAL TRUST PLC for about A$50 million cash and A$60 million in assumed debt. The younger MURDOCH, who will become Chairman of the joint venture, made the deal through his ILLYRIA investment firm.
DMG owns nine stations in AUSTRALIA, including the five-station NOVA FM network and VEGA FM stations in MELBOURNE and SYDNEY.
And LACHLAN MURDOCH is also among the investors joining JAMES FINKELSTEIN's NEWS COMMUNICATIONS in its bid to buy the trade publications of NIELSEN BUSINESS MEDIA, including BILLBOARD, ADWEEK/MEDIAWEEK/BRANDWEEK, and THE HOLLYWOOD REPORTER.
MURDOCH's ILLYRIA would own 50% of a joint venture with the other half owned by PLURIBUS CAPITAL, consisting of FINKELSTEIN's company, former WIRED publisher MATTHEW DOULL, and former HEARST INTERNATIONAL publisher GEORGE GREEN. The FINANCIAL TIMES reports that a bid from the partnership could come as early as this week.