Lachlan Murdoch, the elder son of News Corp owner Rupert Murdoch, has sold half of his stake in the media empire for $27.6 million, reports The Telegraph, London.
The report said, Lachlan sold his stake to fund the purchase of half of DMG Radio Australia from Daily Mail and General Trust (DMGT).
The investment and a recent purchase of an A$21m home in Sydney is seen by some to suggest that Lachlan is distancing himself from any future executive level role at News Corp. He resigned as deputy chief operating officer of News Corp in 2005 but remains a non-executive on the company's board.
James Murdoch, chairman and chief executive of News Corp's News International business, which owns The Times, The Sunday Times, News of the World and The Sun, is now more likely to succeed father Rupert as the head of the family empire.
Illyria, Lachlan Murdoch's private investment vehicle, paid about £63 million for the 50pc stake in Radio Australia. DMGT will retain the other half of the business.
Lachlan Murdoch will become the chairman of DMG Radio Australia, which holds nine radio licences across the country.
"Patience is a virtue, and after exhaustively searching the market for the right acquisition, we have found in DMG Radio Australia the right business, the right partner and the right brands which are positioned for exemplary growth," he said.
It is understood that Illyria funded the purchase with £27m in equity and £36m in debt.
Filings with the US Securities and Exchange Commission show Lachlan Murdoch sold about 2.3m non-voting News Corp shares for about $12 each this week.
Last year he scrapped plans for a A$3.2bn takeover of Australia's Consolidated Media Holdings.