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OnlyFans, the adult content platform that surged to prominence during the pandemic, is reportedly on the verge of a major shift. Sources close to the matter say Fenix International Ltd., the London-based parent company, is negotiating a sale valued at approximately $8 billion. The buyer: a consortium of investors led by Los Angeles-based Forest Road Company.
Forest Road has not confirmed the discussions. However, individuals familiar with the negotiations told Reuters that talks have been ongoing since at least March, with a potential agreement possible in the coming weeks. These negotiations are not exclusive, other suitors are also said to be in the mix. An initial public offering remains on the table as an alternative.
The numbers behind OnlyFans are compelling. According to filings with British regulators, the company's revenue skyrocketed from $375 million in 2020 to $6.6 billion in the year ending November 2023. The platform, which takes a 20% commission from its creators, has attracted a massive user base drawn largely by adult content.
Behind this financial surge is Leonid Radvinsky, the company's sole shareholder. A Ukrainian American entrepreneur, Radvinsky acquired OnlyFans in 2018 and, per public filings, has since paid himself over $1 billion in dividends.
Still, the company's success hasn't come without significant baggage. A 2023 investigative series by Reuters highlighted troubling allegations involving the platform, including reports of child sexual abuse material and nonconsensual pornography. U.S. law enforcement records further linked OnlyFans to sex trafficking operations, sparking concern among potential investors.
One investment banker familiar with the case remarked anonymously, "The due diligence hurdles are enormous. Pornography alone isn't the issue, it's the legal risks surrounding illegal content." This reputational risk has reportedly kept major banks and institutional investors at arm's length. "There's money to be made," said a private equity advisor, "but few are willing to touch it without significant legal insulation."
Forest Road's interest is not entirely surprising. The firm, founded in 2017, has built a diverse portfolio across media, digital assets, and renewable energy. In 2024, it expanded further by acquiring a majority stake in ACF Investment Bank, signaling a deeper push into strategic advisories.
As the fate of OnlyFans hangs in balance, the deal, if finalized, will mark one of the largest acquisitions in the digital content space. Whether through a sale or IPO, the platform's next chapter promises to test how far financial interest can stretch amid moral and legal scrutiny.
