Nova Entertainment up for sale says report

Speculation is rife that Lachlan Murdoch’s company Illyria is looking to unload Nova Entertainment now that he has rejoined his father’s News Corp conglomerate as co-chairman.

The Sydney Morning Herald reports: “Leading investment banks have sounded out interest among media companies for Lachlan Murdoch’s radio business Nova Entertainment.

“It’s estimated the sale of Nova could realise as much as $400 million.”

That would be a nice little earner, given that Mr Murdoch’s Illyria paid an estimated $220 – $240 million for the network just a few years ago.

The SMH says one media executive told Fairfax Media: “They were certainly under the impression Lachlan is a seller.”

Read the full story here.

Commenting on yesterday’s ratings, NOVA Entertainment CEO Cathy O’Connor was upbeat, giving no hint of any sale. She said: “In today’s media market our advertisers need the confidence of a consistently strong performance from their media partners and once again, NOVA Entertainment has delivered strong share and audience numbers across our key stations, shows and demo’s. Today’s results again show that we deliver on our promises.”

Nova Entertainment executives were not available to comment at this time.

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