On Monday morning, 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, son of News Corp media-mogul Rupert Murdoch, which has made him the company’s new anchor shareholder.
This comes only three days after Murdoch tendered his resignation letter
from his father’s media empire, citing “disagreements over certain editorial content published by the company’s news outlets.” The younger Murdoch has previously criticized
the ways in which certain News Corp outlets such as Fox News have belittled the perils of climate change.
According to Artnet News
, while it was rumored that James Murdoch’s ties to his father’s company were a potential deal breaker, a vote amongst the company’s shareholders on Monday found that more than 70 percent were in favor of the proposals—a result likely bolstered by Murdoch's resignation.
Art Basel’s global director Marc Spiegler told Artnet: