MCH Group sells 30% stake to James Murdoch

Switzerland, 10th July: Art Basel’s parent company, MCH Group, has announced plans to sell a 30% stake to Lupa Systems, a private company controlled by James Murdoch. The deal is expected to be approved by MCH’s shareholders on 3rd August. Some media reports suggest that the stake could be as high as 44% depending on the final agreed terms. Lupa Systems, established last year, “aims to build an investment portfolio of entertainment and media companies.”

Like many exhibition organisers, the MCH Group has been hit hard by COVID-19. Its flagship events such as Art Basel in Hong Kong in March and Art Basel in September have been cancelled. On top of that, one of MCH’s other flagship events, Baselworld, collapsed after key exhibitors pulled their support in a move unrelated to COVID-19. As a result, the potential Murdoch investment looks to be an essential lifeline for MCH Group.