Lachlan Murdoch has moved to take complete control of DMG Radio Australia, which operates Perth's Nova 93.7FM radio station, paying $100 million for the half of the radio network he did not already own.
Mr Murdoch's private investment company, Illyria, bought into DMG in November 2009 for $110 million. It took the half-stake after DMG's UK parent, Daily Mail and General Trust, had reportedly run up huge losses in a $600 million radio license spending spree to win an Australian foothold.
As part of the 2009 deal Mr Murdoch's company took management control of the group, which owned youth-focused stations across the country.
In a statement yesterday Mr Murdoch, also the chairman of Ten Network, said the investment had been a successful one.
He said the Nova brand, which includes Perth's 93.7FM, had regained its number one in the 18 to 39 year old demographic nationally, and company earnings had more than doubled in the period.
A spokesman for Mr Murdoch would not comment on how the acquisition had been funded, and said it would be "business as usual" for stations owned by DMG following the close of the deal.