Murdoch's son sells News Corp. shares

Published: Nov. 28, 2009 at 1:29 PM

SYDNEY, Nov. 28 (UPI) -- Lachlan Murdoch, son of News Corp. Chairman Rupert Murdoch, sold half of his stake in the company, business filings show.

Filings with the U.S. Securities and Exchange Commission show Lachlan Murdoch sold half of his investment in News Corp. for $27.6 million prior to his purchase of half of DMG Radio Australia, The Daily Telegraph reported Friday.

According to the filings, the younger Murdoch sold nearly 2.3 non-voting million News Corp. shares this week at a price of nearly $12 a share.

The business moves by Lachlan Murdoch come years after he resigned as New Corp. deputy chief operating officer in 2005.

Lachlan Murdoch, Rupert Murdoch's eldest son, purchased the Radio Australia stake from the Daily Mail and General Trust via his investment vehicle, Illyria. He will now serve as chairman of the Australian radio company, the Telegraph reported.

"Patience is a virtue, and after exhaustively searching the market for the right acquisition, we have found in DMG Radio Australia the right business, the right partner and the right brands, which are positioned for exemplary growth," the 38-year-old businessman said.

© 2009 United Press International, Inc. All Rights Reserved.
Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints



Additional News Stories
December trade gap widened (3 min)
Police: Extremists recruiting in Norway (6 min)
Dubai tower indefinitely closed (8 min)
Philippines charge nearly 200 for massacre (12 min)
'Deadliest Catch' star Phil Harris dies (13 min)
S. American leaders pledge help for Haiti (19 min)
UPI NewsTrack Business (22 min)
fark
Woman dies after elderly neighbor unexpectedly drops in for a visit
Police find Explosive Ordnance Disposal specialist too drunk to explain why he was throwing garbage...
Yet one more way to get screwed after you die
Dog saves family from a fire the cat started. At least that's his story
If you're looking for a good place to hook up, this Hindu festival could be just the place for you...
British Ministry of Defence criticised for exploding 119 pigs for medical research, bacon sandwiches...