James Murdoch, the son of the billionaire media mogul Rupert Murdoch is all set to invest in the Art Basel’s parent company MCH Group. The deal will lead them to acquire the 30% share of the company . The deal is expected to be approved on 3 August.
James Murdoch’s private investment company, Lupa Systems was founded last year with the aim of building an investment portfolio of the entertainment and media companies. This investment will help the troubled Swiss group which has been hardly hit hard by the coronavirus crisis.
James Murdoch said in a statement,’MCH Group’s long history of innovation for customers, civic commitment to economic and cultural life, and deep investment in its platforms and communities make for a long-term business that can grow, invest, and flourish’.
The investment is a part of the MCH’s debt restructure and urgently needed to overcome the effects of the corona crisis. Their aim is to develop the classic exhibition and event formats into future-oriented platforms and communities and to strengthen the market position of MCH Group and Art Basel in Switzerland and internationally.
Bernd Stadlwieser, chief executive of MCH Group, said in the statement: “We started the year 2020 with liquid assets of around CHF140m (US$149.05m). Only in this year, the corona crisis will lead to a drop in sales of CHF130m to CHF170m and negative effects on the result in the mid double-digit million range.”