James Murdoch became the controlling shareholder of Art Basel’s parent company, MCH Group
After weeks of waiting the news that James Murdoch will join MCH Group SA is now official: the extraordinary general meeting of the group that controls Artbasel and Baselworld has approved the operation that allows the company Lupa System, founded in 2019 by James R. Murdoch, son of News Corp media magnate Rupert Murdoch, to hold up to 49% of the shares in addition to the two capital increases for a total of 104.5 million francs. The decision comes a few days after young Murdoch resigned from News Corp due to “disagreements over editorial content”.
Shareholders at Art Basel’s MCH Group approved a suite of proposals submitted by the board of directors, chief among them being an investment of CHF 74.5 million ($81.5 million) on behalf of James Murdoch, together with Eleni Lionaki and Jeff Palker – two partners of the private investment company Lupa Systems – he was elected to the board of directors. The agreement with James R. Murdoch provides for a long-term commitment by Lupa Systems lasting at least 15 years.
