Adult content website OnlyFans allegedly held talks with several blank check companies as it looks to raise cash and make a public debut.
According to sources cited by Axios, OnlyFans contacted several SPACs in an effort to go public, among them being Forest Road Acquisition Corp. II (NYSE: FRXB), which is co-led by previous Walt Disney executives Tom Staggs and Kevin Mayer. However, given that that the platform’s content is mostly comprised of pornographic material, many of the SPAC’s advisors, including Shaquille O’Neal, ended up putting an end to the discussions.
OnlyFans attempted to raise cash via private markets last year, but was not able to materialize any deals because investors ultimately got spooked due to the website’s sexual content. The company even tried to ban explicit pornography in an effort to soothe potential investors’ concerns, but ended up reversing the decision due to pushback from its content creators.
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OnlyFans even went as far as to hire an outside recruiting company to help it scale its public debut, and has been making efforts to show more professional content such as celebrities, UFC fighting, comedy, and cooking, to help avoid setbacks from payment processors. An internal pitch deck seen by Axios showed OnlyFans projected revenues of $1.2 billion last year and $2.5 billion in 2022, but it remains unclear whether or not the company actually achieved those targets.
Information for this briefing was found via Axios. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
