Lachlan Murdoch buys stake in online DVD rental firm QuickFlix

MUMBAI: Media scion, Lachlan Murdoch who surprised many industry observers last year by leaving News Corporation has bought close to 10 per cent stake in Australian DVD rental company Quickflix.

Lachlan, who is the eldest son of News Corp chairman and chief executive Rupert Murdoch, quit his executive role at News Corp last year, saying he wanted to move his family back to Australia.

Lachlan had set up a new company, Illyria Pty Ltd, in August last year after moving to Australia. Media reports indicate that the firm has bought 4.04 million shares in Quickflix.

Quickflix hopes to build a community of film fans who will submit their online reviews. Reports add that its ultimate aim is to compete with the likes of MySpace, which is owned by News Corp.

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