Murdoch's son sells News Corp. shares

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.