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Hyatt chairman Thomas Pritzker to step down over Epstein ties
Thomas Pritzker admits terrible judgment regarding past associations
CHICAGO: Thomas Pritzker, the long-standing executive chairman of Hyatt Hotels, has announced he will step down from his role and will not seek re-election to the company board in 2026. The decision marks the end of an era for the hospitality giant, which Pritzker has led for over two decades.
The departure follows Pritzker’s public admission regarding his previous links to Jeffrey Epstein and Ghislaine Maxwell. In a statement addressing his resignation, Pritzker expressed deep regret over the association, acknowledging that his failure to distance himself from the pair sooner was a significant lapse.
Pritzker framed his exit as a necessary step to protect the Hyatt brand. He stated that maintaining contact with Epstein, a convicted sex offender, and his associate Maxwell demonstrated “terrible judgment” for which there was “no excuse.”
The move comes amid ongoing scrutiny of high-profile figures in business and politics. Since Epstein’s 2019 arrest and subsequent death, a vast cache of Justice Department documents has detailed his extensive connections to global elites, many of whom continued their associations after his initial 2008 conviction.
Pritzker has served as executive chairman since 2004, guiding the hotel group through major transformation. He led the company’s public offering and shifted to an “asset-light” model, focusing on management and franchising. He also navigated the company through the challenges of the Covid-19 pandemic, showing strategic foresight.
While Pritzker highlighted the growth and resilience of the company under his leadership, the controversy surrounding his personal associations has made his continued presence on the board untenable.
As Hyatt prepares for a future without its long-time leader, the focus will likely shift to ensuring the transition does not disrupt the company’s current momentum. Pritzker will remain in his position until the 2026 board changes take effect.
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UK’s OnlyFans seeks US investor at $3bn valuation after owner’s death
The adult video platform is seeking stability after the death of its billionaire owner
LONDON: OnlyFans is looking for a new partner. The London-based adult video platform is in advanced talks to sell a minority stake of less than 20 per cent to Architect Capital, a San Francisco-based investment firm, in a deal that would value the business at more than $3bn (£2.2bn).
The move is driven by an urgent need for stability. Leonid Radvinsky, the Ukrainian-American billionaire who owned OnlyFans, died of cancer last month at the age of 43, leaving the future of one of Britain’s most profitable privately held businesses suddenly uncertain.
The choice of Architect Capital is not arbitrary. The firm has deep expertise in financial services, which aligns neatly with OnlyFans’ ambitions to offer banking products to its creators, many of whom have long struggled to access basic financial services because of the nature of their work.
The numbers behind OnlyFans are, by any measure, staggering. The platform posted revenues of $1.4bn in the year to 30th November 2024, with a pre-tax profit of $684m, up four per cent on the prior year. Payments to creators totalled $7.2bn over the same period, a rise of nearly ten per cent. Radvinsky personally collected $701m in dividends from the business in 2024 alone, on top of more than $1bn in such payments he had already received. The platform, run through its parent company Felix International, hosts 4.6m creator accounts, with performers keeping 80 per cent of subscription proceeds and the platform pocketing the remaining 20 per cent. It has 377m fan accounts in total.
The current minority stake talks represent a notable scaling back of ambitions. In January, OnlyFans was reported to be in discussions with Architect about selling a majority stake of 60 per cent. Before that, the company had explored a sale to a consortium led by Forest Road Company, a Los Angeles-based investment firm. Neither deal materialised.
OnlyFans has built an enormously lucrative business on content that mainstream finance has long refused to touch. Now, with its owner gone and a $3bn valuation on the table, it is looking for the kind of respectable institutional backing that might finally persuade the banks to take its calls.
