Fenix International Ltd., the owner of OnlyFans, is reportedly in talks to sell the adult content platform to an investor group at an estimated valuation of around $8 billion, according to three sources familiar with the matter who spoke to Reuters. The investor group is led by Forest Road Company, a Los Angeles-based investment firm. The identities of the other investors involved have not been disclosed. This potential deal and its valuation have not been previously reported.
OnlyFans, which surged in popularity during the COVID-19 pandemic, is widely recognized as an online platform that allows adult content creators to monetize their work by charging subscribers. The platform takes a 20% cut of creators’ earnings. In the fiscal year ending November 2023, OnlyFans reported revenues of $6.6 billion, a significant increase from $375 million in 2020, reflecting rapid growth that has heightened investor interest.
Some executives associated with Forest Road previously participated in talks to take OnlyFans public through a special purpose acquisition company (SPAC) in 2022, according to filings with the U.S. Securities and Exchange Commission. Both Forest Road and OnlyFans have declined to comment on the ongoing discussions.
Sources indicate that Fenix International Ltd. is also in discussions with other potential buyers, with interest from multiple parties emerging in recent months. These talks have been ongoing since at least March, and insiders suggest a deal could be finalized within the next week or two. However, caution is advised, as there is no certainty that a sale will proceed, and all parties requested anonymity ahead of any official announcement. Additionally, an initial public offering (IPO) is also being considered as an alternative exit strategy.
Leonid Radvinsky, a Ukrainian-American billionaire and the sole shareholder of Fenix International, purchased OnlyFans in 2018. British filings show he has paid himself at least $1 billion in dividends over the past three years. His current location is unconfirmed.
Last year, Reuters published investigative reports highlighting serious concerns about illegal content on OnlyFans, including child sexual abuse material, non-consensual pornography, and exploitation by traffickers. These issues have made many major banks and investors wary of engaging with the platform, due to the risk of due diligence uncovering illegal activities.
The New York Post reported this week that the company is exploring a potential sale amid these ongoing challenges. Founded in 2017, Forest Road is an investment firm with interests spanning media, renewable energy, and digital assets. Its portfolio has included a Formula E racing team, and in 2024, it expanded into financial advisory services by acquiring a majority stake in ACF Investment Bank.
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