After more than 35 years of operation, TBI is closing its doors and our website will no longer be updated daily. Thank you for all of your support.
Murdoch Junior buys into Australian bâcaster
Lachlan Murdoch, son of Rupert, has invested A$15.6 million (US$11.4 million) in Australian regional broadcaster Prime Media Group.
The deal, executed through Lachlan Murdoch’s private investment vehicle Illyria Nominees, leaves Murdoch’s eldest son with a 9.1% stake in Prime, which is leading free-to-air broadcaster Network Seven’s regional affiliate. Its largest shareholder is Paul Ramsay, a close associate of Seven Network chairman Kerry Stokes.
Last year Lachlan Murdoch tried and failed to engineer an A$3.3 billion deal for James Packer’s Consolidated Media Holdings, which would have given him a stake in Nine Network and pay TV operator Foxtel.