Daily Mail & General Trust has sold half of DMG Radio Australia, its Australian radio business, to Illyria, Lachlan Murdoch’s private investment vehicle, for about £63m. Murdoch, son of News Corp chairman Rupert Murdoch, was once seen as heir to his father’s empire. However, in 2005 he quit as News Corp’s deputy COO and moved back to Sydney. He will become chairman of the new joint venture. This week he sold about 2.3m News Corp shares, or just over half his common shares, for about $27.6m.