Newly formed Ethical Capital Partners has acquired MindGeek for an undisclosed sum.
New Canadian investment firm Ethical Capital Partners (ECP) has bought MindGeek, which owns the world’s largest porn sites, including Pornhub, for an undisclosed sum. The Financial Times reported this.
MindGeek is registered in Luxembourg. This company has been a leader in the adult video industry since the advent of streaming. The company’s revenue in 2018 was $460 million. The profitability of the business periodically approaches 50%.
The company was on the brink of collapse in late 2020 after payment networks took down its flagship site, Pornhub, following investigations that found illegal content on the platform. The company has denied allegations of wrongdoing.
Lawyer and ECP co-founder Solomon Friedman told the FT that the lawsuits and criticism of MindGeek stem from a lack of understanding of how the company protects its content. This is partly due to the secrecy surrounding the previous owners.
“I want to regularly interact with stakeholders, including the media,” he said.
According to him, the new owner wants to ensure the transparency of the company’s business.
ECP did not disclose the source of the financing and the value of the deal. However, the six founders acquired MindGeek, which has more than 115 million visitors per day.
Note that an ad for a Russian PMC appeared on PornHub Wagner. In this way, they tried to entice Russian citizens to fight in Ukraine.
PornHub later removed the Wagner PMC ad, and a spokesperson for the site said that PornHub management does not allow any political ads.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.