MUMBAI: Lachlan Murdoch, the eldest son of media mogul Rupert Murdoch, has invested $102.7 million in DMG Radio Australia to purchase the remaining 50 per cent stake in the company that was owned by UK media conglomerate Daily Mail and General Trust (DMGT).

Lachlan had in November 2009 bought 50 per cent stake in the company through Illyria Investment. DMG Radio Australia operates commercial radio networks in metropolitan and regional areas of Australia.

"We are pleased to move to 100 per cent ownership of DMG Radio Australia," Lachlan said in a statement.

"When we acquired our 50 per cent interest in DMGRA in November 2009 we set out to create one of Australia?s leading media companies. Over the past three years, working alongside DMGRA?s wonderful staff, we have successfully implemented our growth strategy."

"In that time Nova has regained its position as the number one national network for people 18-39 and we have successfully launched SmoothFM. The EBITDA (earnings before interest, taxes, depreciation, and amortisation) of DMGRA has doubled and the IRR (internal rate of return) on our initial investment is more than 60 per cent.

"We have great confidence in the continuing potential of radio, great confidence in the management team we have built under Cathy O?Connor, and look forward to further growing DMGRA in the coming years."