OnlyFans — the massive adult creator network where performers and influencers sell subscription-based content directly to fans — is considering selling a majority stake of its business to investment firm Architect Capital, a source close to the deal told TechCrunch. The deal would value the platform at $5.5 billion.

The source said that of that $5.5 billion, $3.5 billion would be equity and $2 billion would be debt. Under those terms, Architect would assume a 60% stake in the business. The two parties are in exclusivity, meaning that OnlyFans is barred from negotiating with other potential buyers for a set period of time. It’s unclear what the timeline for completing the deal might be. The negotiations were previously reported by The Wall Street Journal.

TechCrunch reached out to Architect Capital for comment.

This isn’t the first time in recent memory that OnlyFans has been in talks to sell off its business. Last year, the New York Post reported that Leonid Radvinsky, the billionaire owner of the site, was looking to “cash out,” and was courting potential buyers. Subsequent reporting showed that the platform’s parent company, Fenix International Ltd., was in talks with a U.S.-based investor group led by the Los Angeles-based investment firm Forest Road Company. It’s unclear what happened to those discussions, although the source told TechCrunch that there had been a number of interested parties since OnlyFans announced its desire to sell a majority stake.

The potential business partner in this particular deal, Architect, launched in 2021 as an asset-based lender — a firm that provides loans secured by company assets — that looks to partner with early-stage startups.

OnlyFans maintains that it’s not a pornography website, despite the fact that a majority of the creators on it produce adult content. A British firm, the site was founded in 2016 by Tim Stokely, who also initially served as its CEO. Stokely sold a majority stake of the site’s parent company, Fenix International, to Radvinsky in 2018. Over the years, it has suffered from a variety of legal controversies, including lawsuits accusing the site of profiting off of abusive videos.

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