The owner of OnlyFans, Fenix International Ltd, is in late-stage negotiations to sell the adult content-driven platform to an investor consortium at a valuation of approximately $8 billion, according to three sources familiar with the matter.
Key Deal Details
The investor group is led by Los Angeles-based Forest Road Company, an investment firm with prior ties to OnlyFans.
A deal could be finalized within weeks, though discussions remain fluid and may still collapse.
Fenix is also engaging with other potential buyers, according to two additional sources.
An initial public offering (IPO) remains an alternative option.
Why This Matters
OnlyFans, which saw meteoric growth during the pandemic, has become a dominant force in the creator economy, taking a 20% cut of user earnings. Despite its financial success, its reliance on adult content has made it a controversial asset for traditional investors.
Financial & Strategic Context
Revenue surged from 375M(2020)to375M(2020)to6.6B (2023), per UK filings.
Leonid Radvinsky, the sole shareholder, has paid himself over $1B in dividends since 2021.
Forest Road executives previously explored taking OnlyFans public via SPAC in 2022, SEC filings show.
Content moderation risks—including illegal material—have deterred major banks and institutional backers.
What’s Next?
A sale or IPO could pave the way for further expansion beyond adult content.
Regulatory scrutiny remains a hurdle for any transaction.
OnlyFans and Forest Road declined to comment.