Tim P. Whitby/Getty Images Entertainment
OnlyFans, the site where celebrities and adult-film stars charge people to view their photos and videos, is said to have held talks with several SPACs as it attempts to go public.
OnlyFans is said to have tried to raise private capital last year to help cash out its founder Leo Radvinsky, though it was unsucessful, according to an Axios report. The platform may also be struggling with labor issues, as many employees are based in the Ukraine, where Radvinsky is originally from.
Bloomberg reported in June that OnlyFans was said to be raising new funding that would value the the company at more than a $1 billion at the time. The idea was to find new backers so the site would become a more mainstream media platform.
One of the SPACS that OnlyFans discussed a potential deal with was Forest Road Acquisition Corp. II (NYSE:FRXB), which is co-led by former Disney execs Kevin Mayer and Tom Staggs, though the two sides are no longer in talks, according to Axios. FRXB wasn't able to get past the adult content issue.
OnlyFans handled more than $2B in sales last year, according to the June Bloomberg report. The site takes a 20% fee so that means it had more than $400M in revenue.
OnlyFans in August, after briefly saying that it was banning pornographic content, reversed course and said it would allow porn on the site.