LOGIC.co.id – The parent company of OnlyFans, Fenix International Ltd, is reportedly in talks to sell the popular adult content platform to a group of investors at a valuation reaching USD 8 billion, according to three sources cited by Reuters on Wednesday (May 22, 2025).
The investor group is led by Forest Road Company, a Los Angeles-based investment firm that previously attempted to take OnlyFans public via a Special Purpose Acquisition Company (SPAC) in 2022.
So far, the full identities of the investors in the group have not been disclosed, and neither OnlyFans nor Forest Road have issued official comments regarding the matter.
Revenue Surge and Investor Interest
OnlyFans surged in popularity during the COVID-19 pandemic as a digital platform enabling adult content creators to monetize their material through subscriptions. The company takes a 20% cut from creators’ earnings.
According to documents submitted to UK financial authorities, OnlyFans’ revenue skyrocketed from USD 375 million in 2020 to USD 6.6 billion by the end of November 2023. This sharp growth has attracted attention from various parties, including potential new investors.
Besides Forest Road, Fenix International is also said to be in talks with several other parties. Acquisition discussions have been ongoing since March 2025, with some sources suggesting a deal could be reached within the next one to two weeks. However, there is no certainty yet whether the deal will materialize.
IPO Still an Option
In addition to selling to investors, Fenix International is reportedly still considering the option of an Initial Public Offering (IPO) to take OnlyFans public.
OnlyFans is solely owned by Leonid Radvinsky, a Ukrainian-American who purchased the company in 2018. According to public records in the UK, he has received at least USD 1 billion in dividends over the past three years.
Controversial Image Hinders Investment
Despite its high profitability, OnlyFans faces a controversial image. Previous investigations by Reuters uncovered allegations of illegal content such as child sexual abuse material, non-consensual pornography, and human trafficking circulating on the platform since 2019. This has caused many major financial institutions to shy away due to concerns over audits and due diligence.
The New York Post also reported that OnlyFans is exploring options for a company sale.
About Forest Road
Founded in 2017, Forest Road Company is known as an investment firm focused on media, renewable energy, and digital assets. Some of its projects include a Formula E racing team and the majority acquisition of shares in ACF Investment Bank in 2024 as part of expanding its advisory business line.