LONDON — OnlyFans, the adult content platform that became a global digital juggernaut during the COVID-19 pandemic, is in advanced talks to be sold to a group of investors in a deal valuing the company at approximately $8 billion, according to three sources with direct knowledge of the discussions.
The deal, if finalized, would mark a major turning point for Fenix International Ltd, the London-based parent of OnlyFans. The investor group is being led by Forest Road Company, a Los Angeles-based firm with interests in media, digital assets, and renewable energy. The identities of the other investors remain undisclosed, and both OnlyFans and Forest Road have declined to comment.
The proposed acquisition — not previously reported in detail — comes amid renewed investor interest in fast-scaling digital platforms, even as OnlyFans’ ties to explicit content continue to complicate mainstream appeal.
OnlyFans, which enables creators—largely in the adult industry—to charge subscribers for exclusive content, has seen exponential growth since 2020. The platform collects a 20% commission on creators’ earnings.
According to financial filings in the United Kingdom, the company generated $6.6 billion in revenue in the year ending November 2023, a dramatic leap from just $375 million in 2020. That surge has drawn attention from private equity firms, hedge funds, and special purpose acquisition companies (SPACs).
Some of the executives now involved with Forest Road were previously part of a SPAC that held unsuccessful talks to take OnlyFans public in 2022, U.S. Securities and Exchange Commission filings show.
While a deal could be finalized within weeks, sources caution that negotiations are ongoing, and there is no guarantee of a final agreement. Fenix is also reportedly entertaining offers from other interested buyers, according to two people familiar with the process. Talks are said to have been underway since at least March 2025.
In addition to a potential sale, three sources said an initial public offering remains under consideration as a secondary path, depending on how ongoing negotiations unfold.
OnlyFans is solely owned by Leonid Radvinsky, a Ukrainian American entrepreneur whose current whereabouts are unclear. British corporate filings indicate he has paid himself over $1 billion in dividends since acquiring the company in 2018.
Despite its commercial success, OnlyFans faces continued scrutiny due to allegations of illegal content, including child sexual abuse material and nonconsensual pornography. A 2023 Reuters investigation found multiple complaints in U.S. police and court records alleging the platform had hosted such content since at least 2019.
OnlyFans has also been flagged as a platform used by sex traffickers, making it a risky acquisition target for traditional financial institutions and public investors. Several banks have reportedly shied away from deals involving the company due to potential legal and reputational liabilities uncovered during due diligence.
While mainstream interest remains cautious, some private investors are undeterred, betting on the platform’s robust earnings and global brand recognition.
Founded in 2017, Forest Road Company has a growing portfolio of investments across digital media, renewable energy, and emerging tech. Its ventures include a Formula E racing team, and in early 2024, the firm expanded its financial advisory operations by acquiring a majority stake in ACF Investment Bank.
As interest in the OnlyFans deal builds, a report by the New York Post this week confirmed that the company was actively exploring a sale — but this latest revelation provides the clearest picture yet of a potential multibillion-dollar acquisition now underway.
Reuters
