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Lachlan Murdoch buys almost 10% of Quickflix
25-August-06 by AAP

Former News Corp executive Lachlan Murdoch has bought almost ten per cent of Perth-based online DVD rental company Quickflix Ltd.

Illyria Pty Ltd, set up by Rupert Murdoch's eldest son Lachlan in August last year, has bought 4.04 million shares, or 9.6 per cent of capital in Quickflix, valued at around $620,000.

The news boosted the Quickflix share price, which jumped 5.5 cents, or 44 per cent, to 18 cents at 1527 AEST.

Lachlan Murdoch quit his executive role at News Corp last year, saying he wanted to move his family back to Australia.

At the time he signed a clause that prevented him from working as a director, executive or consultant for any company competing directly or indirectly with News Corp.

He remains a director of News Corp.

Illyria, which is now modern day Albania, was the setting for Shakespeare's play Twelfth Night, in which a woman disguises her identity.

Quickflix owns online DVD rental company HomeScreen Entertainment, which was founded by Tony Faure, the recently appointed chief executive of Yahoo! Australia & NZ.

It floated on the Australian Stock Exchange in June 2005 after raising $3 million from investors.