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The New York Times Company is in exclusive talks to acquire Letterboxd for roughly $330 million, The New York Times reported Thursday, citing two people familiar with the confidential discussions. No agreement has been reached, and the talks could still fall apart, the report said.
The proposed price would be more than 20 times Letterboxd’s projected 2026 earnings of about $15 million, according to the Times report. The Times Company declined to comment, and Letterboxd co-founder Matthew Buchanan did not respond to the newspaper’s request for comment.
A film community with 30 million users
Letterboxd has an audience of about 30 million movie fans, the Times reported. Founded in 2011, it gives people a place to record what they watch, review and rate films, follow friends and build watchlists. Its official description also lists paid features such as an ad-free experience, viewing statistics and streaming-service filters.
The Times reported that Letterboxd’s parent company has been working with investment bank LionTree on a sale. A24 and Sony were among the prospective buyers drawn to the service’s engaged audience, according to the report.
Founders could stay, with a standalone service
The discussions have included keeping Buchanan and fellow co-founder Karl von Randow in charge, reporting to a Times Company executive, the newspaper reported, citing one person familiar with the talks. Letterboxd would most likely remain a standalone site for the foreseeable future, another person told the Times.
The report said the companies had discussed connecting the Times Company’s advertising technology with Letterboxd’s systems. Both businesses draw revenue from advertising and subscriptions.
Expanding the bundle beyond news
A purchase would extend the Times Company’s effort to build products beyond its main news service. The Times report placed the potential acquisition alongside the company’s earlier purchases of The Athletic, Wirecutter and Wordle. It said the company had 13.8 million subscribers and was aiming for 15 million by the end of 2027.
JBizNews Desk | Media & Technology
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