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Lachlan Murdoch sells Prime shares

Lachlan Murdoch has sold his 8.87% stake in regional network Prime Media Group.

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The Australian reports that Lachlan Murdoch has sold his 8.87% stake in Prime Media Group for $22.1 million.

Investment bank UBS sold his stock at 68 cents each.

It is believed to have been sold to more than one institutional investor.

Lachlan Murdoch was appointed deputy chairman of Prime Media in October 2010 but resigned after he joined he board of TEN Network Holdings. He became a substantial shareholder in May 2009.

Prime Media Group owns regional network Prime7, GWN7, and has a 50% shares in Mildura Digital Television and TEN West, as well as several regional radio stations.

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  1. Just like Monopoly isn’t it. While Murdoch’s company faces a capital gains tax bill on the $6.5 million gain on the shares he probably has sufficient capital losses elsewhere that he could use to help offset the tax if he wishes – such as his shrunken Ten Network investment where he is about $50 million poorer.

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