Illyria pays around $96 million in radio deal

Lachlan Murdoch has bought a 50% stake in Australia’s DMG radio network via his Illyria investment company for an estimated $A100 million ($96 million).

The commercial radio network contains high-rating Nova and Vega FM and was owned by Blighty’s Daily Mail and General Trust. Murdoch will become chairman of the joint venture.

Murdoch has been trying to enter the Oz media market since 2005 after leaving the family business in New York. His attempts include an ill-fated $3 billion offer to buy into James Packer’s Consolidated Media Holdings last year.

Paul Chai

Follow @Variety on Twitter for breaking news, reviews and more