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

  • August 03, 2020 16:40

  • Email
Art Basel 2019
courtesy Art Basel

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 in 2006

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

  • Email

More News Feed Headlines

Thomas Cole, Home in the Woods (1847), oil on canvas, Reynolda House Museum of American Art, Gift of Barbara B.  Millhouse

'The Voyage of Life: Art, Allegory, and Community Response' Opens at Reynolda House Museum of American Art

  • ArtfixDaily / July 19th, 2021

The Voyage of Life: Art, Allegory, and Community Response opened July 16 to members, first responders, and Wake ...

Anila Quayyum Agha, Intersections, mixed media on paper.  Image courtesy of the artist and Talley Dunn Gallery, © Anila Agha

ARTFIXdaily Closed to August 9; Ahead: Solo Exhibition Exploring Light and Loss in 2020 Debuts Immersive Works by Anila Quayyum Agha at the Amon Carter Museum of American Art

  • ArtfixDaily / July 19th, 2021

ARTFIXdaily will be closed and e-newsletter service suspended until August 9, 2021. Looking ahead, a dozen new ...

Humboldt Forum.  Stiftung Humboldt Forum im Berliner Schloss, Photo: David von Becker

The Humboldt Forum Opens In Berlin

  • ArtfixDaily / July 19th, 2021

The Humboldt Forum, the largest cultural development in Europe and the most ambitious in Germany this century, will ...

1909 Postcard of the then Oakland Public Library, Oakland, California, (now the African American Museum and Library at Oakland).

The National Trust for Historic Preservation Awards $3 Million in Grants to 40 Places Preserving Black History

  • ArtfixDaily / July 15th, 2021

The National Trust for Historic Preservation, through its African American Cultural Heritage Action Fund, has ...


ARTFIXdaily Artwire