Fenix International Ltd., the parent company of OnlyFans, is reportedly in advanced discussions to sell the popular subscription-based content platform to a group of investors led by the Los Angeles-based Forest Road Company, according to sources familiar with the matter.
The potential deal could value the London-based company at approximately $8 billion.
Sources told Reuters that negotiations have been ongoing since at least March 2024. While a deal could be finalized in the coming weeks, there is no certainty the transaction will close. In addition to the Forest Road-led group, Fenix is said to be exploring offers from other interested parties and is also considering an initial public offering (IPO) as an alternative route.
OnlyFans gained significant traction during the COVID-19 pandemic as a platform where creators—particularly those in the adult content industry—could monetize their work directly from subscribers. The company retains 20% of creators’ earnings and has seen a dramatic surge in revenue, from $375 million in 2020 to $6.6 billion in the year ending November 2023, according to regulatory filings in the UK.
While OnlyFans has sought to expand its appeal beyond adult content—welcoming comedians, fitness instructors, chefs, and more—it remains closely associated with explicit material, which has proven to be a double-edged sword. Although it has fueled massive growth, it has also limited the company’s ability to attract major financial institutions and investors wary of potential legal liabilities. Past reports and investigations have linked the platform to issues such as nonconsensual content and exploitation, complicating its public image.
The sole shareholder of Fenix International is Ukrainian-American entrepreneur Leonid Radvinsky, who acquired the company in 2018. British filings show he has received at least $1 billion in dividends over the past three years.
Forest Road, the investment firm currently leading the acquisition talks, was founded in 2017 and focuses on sectors including media, digital content, renewable energy, and life sciences. In 2024, it expanded its portfolio by acquiring a Formula E racing team and a majority stake in ACF Investment Bank. Some of Forest Road’s executives were also involved in a previous effort to take OnlyFans public via a special purpose acquisition company (SPAC) in 2022.
Both Fenix International and Forest Road declined to comment on the ongoing negotiations.
