One of News Corp Chief Executive Rupert Murdoch's sons sold about $27.6 million of his shares in 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 U.K. newspaper group said on Thursday.
The deal was worth about $110 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 $12 to $12.03 per share, according to a filing on Wednesday with the U.S. Securities and Exchange Commission.
(Reporting by Phil Wahba; Editing by John Picinich)