Murdoch son sells half of News Corp stock, buys radio co

One of News Corp Chief Executive Rupert Murdoch's sons sold about USD27.6 million of his shares of the media company this week as his investment company purchased a large stake in an Australian radio broadcaster.

Lachlan Murdoch's private investment vehicle, Illyria, bought 50 percent of Daily Mail & General Trust's radio operations in Australia, DMG Radio Australia, the UK newspaper group said on Thursday. The deal was worth about USD110 million, according to media reports.

Lachlan Murdoch, who resigned from his executive position at News Corp in 2005 but is still on its board, sold about 2.3 million shares, or just over half of his News Corp common shares, for prices that ranged from USD12 to USD12.03 per share, according to a filing on Wednesday with the US Securities and Exchange Commission.