Daily Mail and General Trust, the newspaper and magazine publisher, is to sell its remaining half-share in DMG Radio Australia to Illyria, the private investment vehicle of Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch.

Illyria will pay £65m for the holding, giving it 100% ownership, while DMGT will also receive a further sum, equivalent to 50% of the Australian radio network's dividend for the year ending September 30th.

Martin Morgan, Chief Executive of DMGT, said: "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".

BS

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