Media Scion James Murdoch's Company Takes Stake in Art Basel Owner

  • August 03, 2020 16:40

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Art Basel 2019
courtesy Art Basel
James Murdoch in 2006

Days after resigning from News Corp.'s board of directors, James Murdoch has been approved to join the board of MCH Group, the parent company of Art Basel and its art fair platforms.

Murdoch's Lupa Systems was approved by the MCH Group board of directors on Aug. 3 to allow the investment and will add the mogul to its board. In need of a cash infusion, Swiss-based MCH Group anticipated losses of between $138 million and $180 million for 2020, according to its annual report in March.

"We are very pleased that our future fellow shareholders have approved Lupa System’s entry into the MCH Group," Murdoch said in a statement. "As a long-term anchor investor and on the Board of Directors, we will do our utmost to contribute to the successful turnaround and further strategic development of the company, rewarding the trust placed in us."

James Murdoch resigned from the board of his father Rupert Murdoch's media empire on July 31, saying in a statement: "My resignation is due to disagreements over certain editorial content published by the Company’s news outlets and certain other strategic decisions."

The 89-year-old billionaire Rupert Murdoch is executive chairman of News Corp. James Murdoch was formerly chief executive of News Corp.'s 21st Century Fox before $71.3 billion of its assets were purchased by Walt Disney last year. The Murdoch family retained Fox Corporation news outlets run by Rupert Murdoch's older son Lachlan.

Read more at Hollywood Reporter

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