Lachlan Murdoch Invests in Australian Broadcaster

SYDNEY: Lachlan Murdoch has acquired a 9.1-percent stake in the Australian regional television group Prime Media through his Illyria venture, after taking part in a recent capital increase.

This marks Murdoch’s first significant Australian media investment since his attempted bid with James Packer to take Consolidated Media Holdings private. That deal would have granted him investments in Foxtel and Nine Network parent PBL Media, among other companies.

Also taking part in Prime’s A$110 million capital raising was Seven Network, which will hold 11.6 percent of the expanded capital. Prime’s majority shareholder, Paul Ramsay Holdings, will now own 30.1 percent of the regional broadcaster, which takes much of its grid from Seven Network.