Daily Mail General Trust offloads rest of DMG Radio to Lauchlan Murdoch's Illyria
Daily Mail General Trust has sold its 50 percent shareholding in DMG Radio Australia to private investment organisation Illyria, owned by Lachlan Murdoch.
Illyria first acquired half of the business in November 2009, and has now spent £65m in cash initially through this new deal, the proceeds of which, DMGT has said will be used to reduce its debt.
"We are pleased to move to 100 per cent ownership of DMG Radio Australia," Murdoch said in a statement.
Martin Morgan, chief executive of DMGT, also commented: "Our partnership with Illyria over three years has been a success. Following an approach from Illyria, we decided now was an appropriate time to realise the value created by DMGRA's improved performance. The transaction represents another step forward for our strategy to concentrate resources on a more focused portfolio of businesses."