Fenix International, the London-based parent company of OnlyFans, is reportedly in advanced talks to sell the content platform to an investor group led by Forest Road Company, according to sources cited by Reuters. The deal under discussion values the company at around $8 billion — a staggering leap considering the platform’s revenue was just $375 million in 2020. That figure exploded to $6.6 billion in 2023, driven largely by subscriber spending on adult content.
Founded in 2016, OnlyFans became a pandemic-era cultural phenomenon, empowering content creators — primarily in the adult space — to earn money directly from fans through subscriptions. The platform takes a 20% cut of creators’ income, generating billions in fees.
What We Know About the Deal
- Forest Road, a Los Angeles-based investment firm, is leading the talks, though the identities of other backers remain undisclosed.
- The same Forest Road executives were previously involved in a 2022 SPAC effort to take OnlyFans public.
- Other potential buyers are reportedly also in talks with Fenix, with negotiations ongoing since March.
- An initial public offering (IPO) is still under consideration if a private deal isn’t finalized.
- No official agreement has been reached, and a deal is not guaranteed.
OnlyFans and Forest Road have declined to comment publicly.
The Billion-Dollar Question: Who Wants to Own OnlyFans?
While the platform is undeniably profitable — its sole owner, Ukrainian-American entrepreneur Leonid Radvinsky, has paid himself over $1 billion in dividends in the past three years — its adult content focus remains a red flag for many institutional investors and banks.
Several buyers have reportedly walked away or hesitated due to concerns over:
- Reputational risk associated with pornography
- Past reports of nonconsensual content and sex trafficking
- Difficulty conducting due diligence without uncovering illegal or problematic content
According to Reuters’ prior investigations, child sexual abuse material (CSAM), revenge porn, and trafficking-related content have appeared on the platform, though OnlyFans has taken steps to strengthen content moderation in recent years.
These issues have made the company “too X-rated for Wall Street,” according to some analysts, despite its financial strength.
Forest Road’s Media Ambitions
Founded in 2017, Forest Road Company focuses on investments in media, renewables, and digital assets. It previously invested in a Formula E racing team and expanded its financial advisory wing by acquiring ACF Investment Bank in 2024. The firm’s prior interest in OnlyFans, via a SPAC effort, may make it one of the few players willing to look past the controversy in pursuit of outsized returns.
What’s Next?: Sources suggest a deal could be struck in the next one to two weeks, but the path forward remains uncertain. If no buyer steps up, the company may still explore an IPO — a challenging prospect for a brand with such a controversial core product.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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