Lachlan Murdoch Banks A Massive $53m From NOVA Entertainment

Lachlan Murdoch Banks A Massive $53m From NOVA Entertainment
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it seems Lachlan Murdoch has learnt a thing or two from his media mogul father Rupert, if NOVA Entertainment’s latest financials are anything to go by.

The radio network’s latest financial accounts lodged with the Australian Securities & Investments Commission via Nova Entertainment Radio Investments Pty Ltd reveal that it “declared and/or paid” a $32.5 million fully franked dividend last year, according to Fairfax.

To make your eyes boggle even more, NOVA has declared and/or paid more than $53 million in dividends to one of Murdoch’s private investment companies, Illyria, over the last two years.

The accounts also show that NOVA’s net profit went up from $25.4 million to $29.4 million in 2017, while revenue jumped $8 million to $204.3 million.

It seems Murdoch’s $100 million takeover of NOVA in 2012 has turned out to be a pretty wise move.

 

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