Illyria acquires 50% of DMG Radio Australia

Daily Mail and General Trust plc (DMGT) today announced that Illyria will acquire 50 per cent of DMG Radio Australia and that Lachlan Murdoch will become chairman of the joint venture company. DMG Radio Australia holds nine radio licences, including the national Nova FM network of stations in Sydney, Melbourne, Brisbane, Adelaide and Perth and the Vega FM stations in Sydney and Melbourne.

Cathy OʼConnor, chief executive of DMG Radio Australia, said today thatthe new joint venture is ʻan exciting step forward for DMG RadioAustraliaʼ.

“DMG Radio Australia is well positioned for further growth and canextend its brands in both broadcast radio and related media,” MsOʼConnor said. “Working with an experienced and committed Australianowner in Illyria will increase our opportunities to achieve thatgrowth.”

Lord Rothermere, chairman DMGT, said: “I am thrilled to welcome Illyriaas a partner in DMGT’s growing Australian radio business. I am excitedby the potential that their expertise and focus will bring to analready successful management team.”

Illyria chairman Lachlan Murdoch said that DMG Radio Australia is aʻstrong business with talented on and off air people. Together we willexplore new growth opportunities in the existing business and also inrelated mediaʼ.