Leonid Radvinsky, the billionaire owner of OnlyFans, is quietly exploring a sale of the adult content powerhouse, but sources say the London-based company is struggling to attract buyers who are willing to pay a premium due to its ties to explicit material.

According to multiple reports, including Reuters and The New York Post, Fenix International Ltd., the company behind OnlyFans, is in advanced talks with a group of investors led by the Forest Road Company, a Los Angeles-based investment firm, to sell the platform for around $8 billion. Despite OnlyFans’ explosive financial growth and a dominant share in the creator economy, insiders suggest its pornographic nature is a major barrier to acquisition.

Founded in 2016 and acquired by Radvinsky in 2018, OnlyFans surged during the COVID-19 pandemic and now boasts over 4 million creators and 300 million subscribers. In the fiscal year ending November 2023, the company posted $6.6 billion in revenue, up from just $375 million in 2020, according to filings with UK regulators.

Yet despite generating $485 million in profits last year, of which Radvinsky reportedly took $472 million in dividends, investors remain wary. The company’s business model, built heavily around adult content, continues to deter traditional financial institutions and strategic buyers due to reputational risk and potential liability around illegal or nonconsensual material.

“Porn makes OnlyFans untouchable for many big banks and investors,” one source told Reuters, citing ongoing concerns about child sexual abuse material, sex trafficking, and nonconsensual pornography that have been linked to the platform in criminal and civil cases since 2019.

Still, the Forest Road investor group, whose executives previously pursued a failed SPAC deal to take OnlyFans public in 2022, is now reportedly leading renewed acquisition efforts. Sources say talks have been active since at least March, and a deal could be finalized within weeks, though there’s no guarantee an agreement will be reached.

An initial public offering is also being considered, according to sources familiar with the matter.

In a statement, an OnlyFans spokeswoman said: “OnlyFans is a revolutionary platform that continues to lead the creator economy. As with any business of this scale, it is natural that we are open to discussions about how we continue to build on our success.”

Leo Radvinsky, sole shareholder of Fenix International, has reportedly paid himself over $1 billion in dividends over the past three years. Known to reside in a penthouse in Miami, the Northwestern-educated tech entrepreneur is worth an estimated $3.8 billion, according to Forbes.

While the platform takes a 20% commission on creator earnings, CEO Keily Blair told The Wall Street Journal in December that 59% of the company’s revenue comes from add-on services like pay-per-view messages and live streams, with the remaining 41% from subscriptions. Notably, OnlyFans does not share revenue with Apple or Google because it is not hosted on their app stores.

Despite the financial upside, valuations for adult content companies remain modest relative to broader tech platforms. Industry insiders say adult platforms typically trade at 3–5x EBITDA, which would peg OnlyFans closer to $1.5–$2.4 billion, far below the $8 billion price tag being discussed.