Reuters learns OnlyFans owner plans to sell service

OnlyFans owner Fenix ​​International Ltd is in talks to sell the platform to a group of investors, reportsREUTERS , citing three sources.

The deal could be worth about $8 billion. The group is led by Forest Road Company, a Los Angeles-based investment firm, the people said.

British streaming service OnlyFans is best known as a platform that allows pornographic content creators to charge subscribers. The service takes 20% of the creators' earnings. Its popularity has skyrocketed during the pandemiccovid-19 .

The company's fiscal 2023 revenue was $6.6 billion, up from $375 million in 2020, attracting investors. OnlyFans' revenue grew more than 550% in fiscal 2020. Content creators have earned more than $20 billion since the platform's founding in 2016, according toBLOOMBERG in October last year. Sources told Reuters that Fenix ​​International Ltd is also discussing a sale with other potential buyers.

The talks have been ongoing since at least March, according to Reuters. A deal could be reached in the coming weeks, some of the people said. An initial public offering (IPO) is also being considered, the people said.

The company's sole shareholder is Leonid Radvinsky, a Ukrainian-American entrepreneur. He bought OnlyFans in 2018 and has paid himself at least $1 billion in dividends over the past three years, the agency reported.

Reuters reported on dozens of cases of sexualized violence, human trafficking, and sex work related to OnlyFans that are being investigated in the United States .

In 2021, OnlyFans decided to ban its users from posting pornographic content, citing pressure from banks and payment services. However, six days later, the company's management abandoned the idea, saying it had received the necessary guarantees "to support our diverse community of creators."

In April 2022, OnlyFans announced that it would no longer “properly serve the Russian creative community” and would freeze accounts along with transaction restrictions for accounts that receive payments from RUSSIA.

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