Yet another young media company is entering the ring to challenge Rupert Murdoch’s social networking heavyweight MySpace, but this time, it’s personal: the company, Sydney, Australia-based Illyria, belongs to Lachlan Murdoch, Rupert Murdoch’s eldest son.

According to Australian newspaper The Age, Illyria has purchased a 9.6 percent stake in an Australian online movie rental company Quickflix. The Netflix-clone is rumored to be working on a social networking arm to compete with MySpace and Australian network, RSVP.

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