The UK’s Daily Mail and General Trust has sold its remaining 50 per cent of DMG Radio Australia.
The buyer is Illyria, Lachlan Murdoch’s private company, which already owned the other 50 per cent after a deal in 2009.
In a statement Lachlan Murdoch said: “We are pleased to move to 100 per cent ownership of DMG Radio Australia. 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.”
The announcement ends a 15-year involvement in Australian radio from DMGT which began when foundation CEO Paul Thompson purchased 5AA Adelaide in the late 90′s. DMG Radio has owned radio assets in the UK over the years, including Essex Radio Group and shares in GWR before the merger with Capital in 2004.
In Australia, Illyria is keen to expand its radio group: “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”.
DMG Radio Australia most recently launched Smooth FM in Sydney and Melbourne earlier this year and owns the CHR network Nova.
Read more at Radio Today Australia.
Category: Industry News