This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/media/2012/sep/03/lachlan-murdoch-stake-dmgt

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Lachlan Murdoch acquires 50% stake in DMGT's Australian radio business Lachlan Murdoch acquires 50% stake in DMGT's Australian radio business
(about 2 hours later)
Lachlan Murdoch's Illyria has acquired the remaining 50% stake it did not already own in Daily Mail & General Trust's radio business in Australia, in a deal worth more than £65m.Lachlan Murdoch's Illyria has acquired the remaining 50% stake it did not already own in Daily Mail & General Trust's radio business in Australia, in a deal worth more than £65m.
Illyria, Murdoch's private investment vehicle, has taken control of the venture after buying a 50% stake in 2009 for A$112m (£63m) in cash.Illyria, Murdoch's private investment vehicle, has taken control of the venture after buying a 50% stake in 2009 for A$112m (£63m) in cash.
Later this year DMGT will also receive a payment equivalent to 50% of the final dividend the joint venture pays out in the year to the end of September. Later this year DMGT will also receive a payment equivalent to 50% of the final dividend the joint venture pays out in the year to the end of September. This is expected to amount to £1m-£2m for DMGT.
DMGT said it will use the proceeds of the sale to pay down debt.DMGT said it will use the proceeds of the sale to pay down debt.
"Our partnership with Illyria over three years has been a success," said Martin Morgan, chief executive of DMGT. "Following an approach from Illyria, we decided now was an appropriate time to realise the value created by Daily Mail Group Radio Australia's improved performance. The transaction represents another step forward for our strategy to concentrate resources on a more focused portfolio of businesses.""Our partnership with Illyria over three years has been a success," said Martin Morgan, chief executive of DMGT. "Following an approach from Illyria, we decided now was an appropriate time to realise the value created by Daily Mail Group Radio Australia's improved performance. The transaction represents another step forward for our strategy to concentrate resources on a more focused portfolio of businesses."
In DMGT's results for the 26 weeks to 1 April the company made £3.7m from the joint venture, up significantly from the £2.5m year on year for the same period.In DMGT's results for the 26 weeks to 1 April the company made £3.7m from the joint venture, up significantly from the £2.5m year on year for the same period.
Murdoch became chairman of DMG Radio after buying 50% of the company from the Daily Mail & General Trust in November last year.Murdoch became chairman of DMG Radio after buying 50% of the company from the Daily Mail & General Trust in November last year.
DMGT was advised by Greenhill Caliburn and Corrs in Austalia.DMGT was advised by Greenhill Caliburn and Corrs in Austalia.
• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".• To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".
• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.