Murdoch Eyes Billboard, Hollywood Reporter

Media mogul Rupert Murdoch’s eldest son, Lachlan, is in the process of building an international media empire of his own, if reports are correct.

The younger Murdoch is said to be on the verge of bidding for the bulk of Nielsen Business Media (NBM), according to the Financial Times. NBM’s holdings include Billboard, The Hollywood Reporter, Brandweek and Mediaweek.

The bid, reportedly for $70 million, sees Murdoch’s investment company Illyria team up with Pluribus Capital Management, a new entity formed by publisher James Finkelstein, (The Hill, Who’s Who) and former publishers Matthew Doull (Wired) and George Green (Hearst International).

The two bidding parties will invest equally, and all four partners would be equally represented on the NBM board, the Financial Times reported.

Nielsen Business Media posted a 29 percent decline in revenue in the three months ended September and an operating loss of $168 million.

Since quitting News Corp. in 2005, Murdoch has been based in Australia and looked at about 300 media and media-related properties.

In late November, he purchased for a reported A$110 million half of DMG Radio Australia, with plans to expand its digital presence.
The Australian radio network recently reported revenues of A$99 million and a profit of A$7.2 million.

Through Illyria, Murdoch also made investments in regional television group Prime Media, Funtastic, which licenses television programs and develops toys, and a team in the Indian Premier League cricket tournament.

In 2008, he scrapped plans for a A$3.2 billion takeover of Australia’s Consolidated Media Holdings.