Murdoch said to be potential investor in MCH

BASEL: Rupert Murdoch, the entertainment and media mogul, is interested in providing capital to MCH Group AG, the company that organizes Switzerland’s Art Basel shows, Swiss newspaper Finanz und Wirtschaft reported on Saturday.

MCH Group announced earlier this month that it is examining a capital increase to finance investments aimed at implementing its corporate strategy. The group said it was looking for new investors, as well as existing shareholders, to participate in the capital raise.

The Swiss events company is in advanced discussions with interested parties and James Rupert Murdoch, son of Rupert Murdoch and former chief executive officer of Twenty-first Century Fox Inc who is negotiating the possible investment on his father’s behalf, according to the Swiss newspaper, which cited sources it didn’t identify.

MCH Group declined to comment to Bloomberg.

The company said on Wednesday that its majority owner, the Swiss canton of BaselStadt, holds a 33.5% stake and has decided to waive its subscription rights in the capital raise, allowing for a potential new investor to take majority control. The canton’s government has also approved the conversion of a 30 million-swiss franc (Us$32mil) loan into share capital.

The event organiser has been badly affected by lockdowns and bans on public gatherings in recent months as governments have tried to restrict the spread of the coronavirus.

The MCH group decided to completely cancel its flagship Art Basel show, which was originally scheduled to take place in June, amid worries about health risks and global travel restrictions.