New York Times Reportedly in Exclusive Talks to Buy Letterboxd for $330M

The New York Times Company has reportedly entered exclusive negotiations to acquire Letterboxd for $330 million, according to TechCrunch. The report frames the talks as significant but not finalized, so readers should treat the transaction as a reported negotiation rather than a completed acquisition.

Letterboxd is an online platform for movie lovers and is described as comparable to Goodreads for movies. Its user base reportedly grew from 3 million in January 2021 to 28 million by April of this year, with more than half of users under 35. The platform is free, while paid subscriptions unlock advanced features.

Letterboxd had previously been reported to be seeking a new owner. According to the TechCrunch article, film studios A24 and Sony were interested in an acquisition, but A24 was priced out. That context points to strong strategic interest in Letterboxd from both media and entertainment players.

Letterboxd’s projected earnings for this year are estimated at $15 million, which TechCrunch notes is about 4.5% of the reported $330 million offer. The New York Times Company declined to comment to its own paper on the reported acquisition. The next major signal will be whether exclusive talks turn into an announced agreement.