OnlyFans parent company Fenix International Ltd is negotiating a potential sale to an investor group valuing the adult-content platform at roughly $8 billion, according to three sources familiar with the matter. The group is reportedly led by Los Angeles-based investment firm Forest Road Company, though the identities of other investors remain unclear.
The valuation and involvement of the investor group, which have not been previously disclosed, come amid surging interest in the platform. OnlyFans, which gained widespread traction during the COVID-19 pandemic, allows creators to monetize content through subscriptions, retaining 20% of their earnings.
Financial filings in the UK reveal the company generated $6.6 billion in revenue for the year ending November 2023, a dramatic increase from $375 million in 2020. This rapid growth has drawn attention from investors, including executives at Forest Road who were previously linked to efforts to take OnlyFans public via a SPAC in 2022, per regulatory filings and sources.
Fenix International and Forest Road declined to comment. However, two additional sources familiar with discussions noted Fenix is also engaging with other potential buyers, with talks ongoing since at least March. While a deal could materialize within weeks, the sources emphasized negotiations remain fluid and no agreement is guaranteed.
An initial public offering (IPO) remains an alternative option, according to three sources.
Ukrainian-American entrepreneur Leonid Radvinsky, the platform’s sole owner since 2018, has collected over $1 billion in dividends over the past three years, per UK filings. His current whereabouts are unconfirmed.
The platform’s reliance on adult content has raised concerns among institutional investors and major banks, sources say, due to risks tied to illegal material such as nonconsensual pornography and child sexual abuse. Last year, investigative reports detailed instances of such content and sex trafficking on OnlyFans, citing U.S. court and police records.
Forest Road, founded in 2017, focuses on media, renewable energy, and digital assets. Its portfolio includes a Formula E racing team, and it recently expanded its advisory services by acquiring a majority stake in ACF Investment Bank.
News of the potential sale follows a New York Post report earlier this week indicating OnlyFans was exploring a sale.