OnlyFans, the adult content subscription platform, may soon change hands in a major deal. Its parent company, Fenix International Ltd., is reportedly in advanced discussions to sell the

platform to an investor group led by Los Angeles–based firm Forest Road Company. The potential sale would value OnlyFans at around $8 billion.

The proposed price tag doesn’t come as a shock, considering the platform generated a staggering $6.6 billion in revenue in 2023 alone. Since exploding in popularity during the COVID-19 pandemic, OnlyFans has carved out a highly lucrative niche, taking a 20% cut from creators’ earnings.

Investor interest has surged recently, driven by public financial disclosures that revealed the platform has tripled its revenue since 2020 — a rare feat among companies that benefitted from pandemic-era growth.

Sources familiar with the matter suggest a deal could be finalized within the next week or two. However, Fenix International is also reportedly in contact with other potential buyers. An initial public offering (IPO), a concept under consideration since 2022, remains on the table — though a direct acquisition seems more likely.

One reason an IPO may be less appealing is the nature of the platform’s content. OnlyFans attempted to distance itself from adult content in 2021 by announcing a ban on sexually explicit material — only to reverse the decision amid backlash. The platform continues to be best known for adult content, a factor that may complicate public listing ambitions.

For now, all eyes are on Forest Road and its investor group as negotiations continue toward a potential multi-billion-dollar sale. Photo by Kirkylad, Wikimedia commons.