It suggests Quickflix sold an interest to Lachlan, rather than another shareholder?
Yet the course of sales does not signify a special block crossing...in fact it does not even show up as a crossing, suggesting the large line was simply a normal on-market transaction.
Clearly it was an organised buy/sell arrangement...so who was the seller?
Not many with these sorts of numbers at hand?
Here's the story...
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Quickflix sells interest Miriam Steffens 2006-08-28 LACHLAN Murdoch, the son of News Corp Chairman Rupert Murdoch, bought 10 percent of Quickflix Ltd, an Australian online movie rental site.
Lachlan, 34, who quit News Corp last year, spent more than A$500,000 (US$380,000) on the stake. The purchase was made on Friday through his company Illyria Ltd, said Quickfix Managing Director Stephen Langsford.
Langsford, 44, said his Perth-based company aims to emulate California-based Netflix Inc, the world's largest provider of movie rentals, with a market value of US$1.26 billion and more than 5 million subscribers. Quickflix is valued at A$7 million and has almost 10,000 customers, Bloomberg News said.
"Obviously Lachlan would understand the success of Netflix in the US," Langsford said in a telephone interview. "The online DVD rental service model is one that's experiencing great take-up in the US and Europe." Quickflix's founders and Internet music provider Destra Corp each own 10 percent of the company, and institutional investors hold the rest, Langsford said.
During his time at News Corp, Lachlan was publisher of the New York Post and groomed to succeed his father. He unexpectedly quit in July 2005 and moved to Australia with his wife and son. He founded Illyria in August last year.
QFX Price at posting:
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