Ethical Capital Partners announced that it had bought MindGeek in its entirety, saying it intends to bring more transparency to a company whose management practices have largely been shrouded in secrecy
MindGeek, the parent company of adult entertainment site Pornhub, is being acquired by an Ottawa-based private equity firm in a deal that will see the complete exit of the pornography company’s controversial long-time owners and majority shareholders – Feras Antoon, David Tassillo and Austrian investor Bernd Bergmair.
The new owners say they intend to bring more transparency to a company whose management practices have largely been shrouded in secrecy, due in part to the reclusive posture all three former owners assumed for years at the helm of MindGeek. ECP’s acquisition comes more than two years after media reports revealed how Pornhub allowed unlawful content featuring underaged girls on its site. The company was subsequently cut off by Mastercard and Visa and hit with numerous civil suits from women alleging content featuring them had been uploaded to Pornhub without their consent.
MindGeek has effectively been operating without a CEO and COO after last year’s abrupt departures. Mr. Friedman said ECP intends to have internal conversations about filling those positions but would not say whether he or one of his partners would assume management roles in the company. MindGeek reached out to Bruinen that year about a sale after it was cut off by Mastercard and Visa, leaving it in a “distressed situation.” The number of daily active users fell 15 per cent during the first quarter of the year, and the company’s market share shrank 6 per cent, the memorandum says. To address concerns about non-consensual material, MindGeek had deleted all user-generated videos from unverified accounts in late 2020, reducing the amount of content across its tube sites.
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