Money $53m radio pay day for Lachlan Murdoch

08:00  16 may  2018
08:00  16 may  2018 Source:

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Leading investment banks have sounded out interest among media companies for Lachlan Murdoch 's radio business Nova Entertainment, which could lead to a 0 million pay day for the media mogul.

If you believe Mark Day ’s column in The Australian on Monday, it was Lachlan Murdoch who engineered the appointment of his mate Kim Williams as News Ltd CEO. Given that Lachlan also personally controls 50% of radio company DMG, it is clearly unlawful for him to simultaneously exert

Lachlan Murdoch© Alamy Lachlan Murdoch

And here we were all thinking that the heir apparent, Lachlan Keith Murdoch, was reliant on daddy Rupert Murdoch to earn a crust.

The latest financial accounts for his radio group Nova - lodged with ASIC via Nova Entertainment Radio Investments Pty Ltd - reports that the business “declared and/or paid” a whopping $32.5 million fully franked dividend for the year ending December 31.

Nova has now declared and/or paid more than $53 million in dividends to one of Lachlan’s private investment companies, Illyria Nominees Television, over the past two years.

It is a great outcome for Lachlan who spent $100 million in 2012 taking full control of the business by acquiring the 50 per cent stake held by the UK-based media group, Daily Mail and General Trust.

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Leading investment banks have sounded out interest among media companies for Lachlan Murdoch ’s radio business Nova Entertainment, which could lead to a 0 million pay day for the media mogul.

Lachlan Murdoch has strengthened his presence in the Australian media industry by paying A0 million to take full control of a group of radio stations from the publisher of the Daily Mail. Mr Murdoch , the elder son of Rupert Murdoch , has paid A0 million (£64.4 million)

Just as well the rumours were incorrect two years ago the Lachlan was planning to sell his radio business as it has been a rare success story from the decade he spent in the wilderness after leaving News Corp in 2005.

Nova’s accounts report that net profit rose to $29.4 million from $25.4 million the prior year on the back of an $8 million rise in revenue to $204.3 million.

The fly in the ointment for Nova was the pesky $134 million increase in current liabilities.

The main culprit was a $97 million loan with Matt Comyn’s Commonwealth Bank which was due and payable June 30 this year.

In March this year, Comyn’s thoroughly agreeable team at the bank extended the due date to December 2020.

Another $36.7 million loan from a “related party” was also due to be paid in September this year - we wonder who? - and this was extended to 2021.

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21st Century Fox disclosed Friday that James and Lachlan Murdoch , recently elevated to the helm of the entertainment empire created by their father, will each receive a million base salary and be eligible for millions more in bonuses. Experimental Drug Promises to Kill the Flu Virus in a Day .

Lachlan is obviously busy with his day job at News Corp and 21st Century Fox, his fellow Nova director, Siobhan McKenna, had to sign off on the accounts.

Illustration: John Shakespeare© Provided by WAtoday Illustration: John Shakespeare Afterglow

The Millennial buy online now pay later business model of Afterpay Touch Group is working out a treat for investors with the latest news of its US expansion sending the stock soaring once again on Tuesday.

It appears to have restored the faith of investors after that unfortunate stumble in its March quarterly results which triggered a downgrade or two.

And the timing could not be better for Afterpay’s chief cashiers - executive chairman Anthony Eisen and CEO/founder Nick Molnar.

The duo own 50 million Afterpay shares - 25 million each - which came out of escrow last week.

After Tuesday’s jump, their stock is now worth $375 million - and will top $500 million if some analysts are correct with their $10 price target.

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Print. Journalism. TV & Radio . Total Murdoch pay for both companies: .7 million 2012-13. Rupert Murdoch -- . 53 m Lachlan Murdoch -- .14m. Murdoch total: .7 million 1998-99. You may also like. Deadly day for Afghan journos … Alan Jones in defamation case …

In 2005, Lachlan Murdoch founded Illyria Pty, a successful private investment company. In 2009, Illyria acquired 50 percent of DMG Radio , a network of radio stations, which later expanded to include pay television assets and was renamed Nova Entertainment.

Let’s hope this ASX fairytale does not run into any millemmas - Molnar’s term for dilemmas facing millennials - like how to deal with increased competition, a regulatory crackdown, or how to pay for that smashed avo' brunch.

ASIC is said to be sniffing around the company which sits outside of the usual consumer credit laws because Afterpay does not offer credit - it takes a small cut from the vendor instead.

Dropped call

Andy Penn will soon be back from his regrettable trip to Boston - which meant his chief financial officer Warwick Bray, was left to front the latest profit downgrade on Monday. Telstra investors continued to react on Tuesday. The share price dropped well below the $3 mark after analysts forecast significant dividend cuts.

While the dividends have been great over the past two decades in the public sphere, keep in mind the fact that investors paid $7.40 a share in the T2 stock sale, and $3.60 for T3. The stock closed on Tuesday at $2.87.

There is now a big question mark over Penn's future if he cannot come up with a credible plan to claw the company out of this financial hole.

The Sol Trujillo days are looking better and better, aren't they?

Build up

The threat of a Wesfarmers bid has evaporated across the Tasman and the outlook is much better for Ralph Norris’ hapless Kiwi construction group, Fletcher Building.

On Tuesday, Fletcher gave another update on its $NZ750 million capital raising and announced it has now managed to mend the breaches of its debt covenants following a disastrous spell of downgrades from its building division. At this rate, Fletcher’s new CEO - former UGL boss Ross Taylor - might just have a future.

Fletcher chairman Norris will step down by the company's AGM in October.

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It's a done deal

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