OnlyFans has agreed to sell a minority stake to investment firm Architect Capital in a deal valuing the adult-content platform at $3.15 billion, the Wall Street Journal reported.
San Francisco-based Architect will buy a 16% stake in OnlyFans for $535 million, the WSJ reported citing the terms of the deal announced on Friday.
Architect and OnlyFans did not immediately respond to Reuters’ requests for comment.
Reuters had reported in January that Architect was in exclusive talks with OnlyFans for a nearly 60% stake in the adults-only website.
Founded by James Sagan in 2020, Architect is a multi-strategy investment firm that invests across credit, private equity, venture capital and structured capital globally.
OnlyFans, one of the world’s most successful social media platforms, exploded in popularity during the pandemic and is best known for enabling adult content creators to charge for subscriptions.
Its secretive billionaire owner Leonid Radvinsky died at 43 from cancer in March.
Under Radvinsky’s ownership, OnlyFans had evolved from a platform that once avoided explicit content into an adults-only website with more than $1 billion in annual revenue.
Source: Reuters.com