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
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The investor group is led by Los Angeles-based Forest Road Company, an investment firm with prior ties to OnlyFans.
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A deal could be finalized within weeks, though discussions remain fluid and may still collapse.
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Fenix is also engaging with other potential buyers, according to two additional sources.
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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
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Revenue surged from 375M(2020)to6.6B (2023), per UK filings.
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Leonid Radvinsky, the sole shareholder, has paid himself over $1B in dividends since 2021.
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Forest Road executives previously explored taking OnlyFans public via SPAC in 2022, SEC filings show.
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Content moderation risks—including illegal material—have deterred major banks and institutional backers.
What’s Next?
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A sale or IPO could pave the way for further expansion beyond adult content.
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Regulatory scrutiny remains a hurdle for any transaction.
OnlyFans and Forest Road declined to comment.
