The New York Times reportedly in talks to buy Letterboxd for $330 million
The New York Times Company is reportedly in exclusive negotiations to acquire the film-focused social network Letterboxd for $330 million. Letterboxd has seen rapid growth in recent years, reaching 28 million users, and would likely operate as a standalone entity if the deal closes.
Why it matters
This acquisition would represent a significant expansion of the New York Times' digital portfolio into the entertainment and social media space.
The New York Times Company has reportedly “entered exclusive negotiations” to acquire Letterboxd for $330 million, according to a report from the New York Times itself.
Letterboxd, an online platform for movie lovers that could be compared to Goodreads for movies, has grown dramatically in recent years. Letterboxd reported 3 million users in January 2021, a figure that grew to 28 million by April of this year. More than half of its users are under 35.
Letterboxd was previously reported to be seeking a new owner. According to the Times, film studios A24 and Sony were interested in the acquisition, but A24 was priced out.
Letterboxd is free, but users can access advanced features with a paid subscription. Its projected earnings for this year are estimated at $15 million, which is only about 4.5% of what the Times is supposedly offering to buy the company for.
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