JAKARTA - Fenix International Ltd, the owner of the OnlyFans platform, is in talks with an investor group led by Forest Road Company, an investment firm from Los Angeles, to sell the company for a valuation of around $8 billion, according to three sources familiar with the matter.
OnlyFans, which was popular during the COVID-19 pandemic as a platform for adult content creators to monetize their work, recorded revenues of US$6.6 billion (Rp121.8 trillion) in November 2023, up dramatically from US$375 million in 2020.
This group of investors has never previously been disclosed, and OnlyFans and Forest Road have not commented on this news. Apart from Forest Road, Fenix is also reportedly negotiating with other potential buyers and is considering the possibility of conducting an initial public offering (IPO).
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Leonid Radvinsky, the sole shareholder of OnlyFans who is Ukrainian-American, bought the company in 2018 and has paid a dividend of at least US$1 billion in the last three years.
However, OnlyFans also faces serious challenges related to illegal content on its platform, such as child sexual abuse and non-consensual pornography, which discourages many major banks and investors from engaging.
Forest Road itself is an investment firm engaged in media, renewable energy, and digital assets, and has a diverse business portfolio including the Formula E racing team and majority ownership of the ACF investment bank in 2024.
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