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MUMBAI:
Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch,
has invested $102.7 million in DMG Radio Australia to purchase
the remaining 50 per cent stake in the company that was owned
by UK media conglomerate Daily Mail and General Trust (DMGT).
Lachlan
had in November 2009 bought 50 per cent stake in the company
through Illyria Investment. DMG Radio Australia operates commercial
radio networks in metropolitan and regional areas of Australia.
"We
are pleased to move to 100 per cent ownership of DMG Radio
Australia," Lachlan said in a statement.
"When
we acquired our 50 per cent interest in DMGRA in November
2009 we set out to create one of Australia's leading media
companies. Over the past three years, working alongside DMGRA's
wonderful staff, we have successfully implemented our growth
strategy."
"In
that time Nova has regained its position as the number one
national network for people 18-39 and we have successfully
launched SmoothFM. The EBITDA (earnings before interest, taxes,
depreciation, and amortisation) of DMGRA has doubled and the
IRR (internal rate of return) on our initial investment is
more than 60 per cent.
"We
have great confidence in the continuing potential of radio,
great confidence in the management team we have built under
Cathy O'Connor, and look forward to further growing DMGRA
in the coming years."
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