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."

MUMBAI: Lachlan Murdoch is Ten Network chairman of the board. He had joined the commercial broadcaster?s board in late 2010 after becoming its largest shareholder.

Murdoch will replace Brian Long.

Murdoch said, "I look forward to working with the board and our new CEO to re-shape Ten and to improve its performance for the benefit of all shareholders".

Long said: ?The board is pleased that Lachlan has agreed to accept the role of non-executive chairman. His extensive media experience will provide Ten with invaluable strategic leadership. As Interim CEO he reset Ten?s strategic vision and cost base and was instrumental in recruiting Ten?s new chief executive officer, James Warburton.?

The Board believes that the combined media capability of James Warburton as Ten?s CEO and Lachlan Murdoch as non-executive chairman provides the best opportunity for value creation for all shareholders.