New York Times in talks to buy Letterboxd for $330m

Summarised from 2 outlets · Updated 6 Nov, 00:27 · Archive

The New York Times Company is in exclusive negotiations to acquire Letterboxd, the film-focused social network, for around $330 million, according to reporting from the New York Times itself.

Letterboxd has grown dramatically in recent years. The platform reported 3 million users in January 2021, expanding to 28 million by April this year. More than half of its users are under 35. The platform offers free access to basic features, with advanced features available through paid subscriptions. Its projected earnings for this year are estimated at $15 million.

Under the proposed deal, Letterboxd would likely remain standalone for the "foreseeable future" and would integrate the Times Company's ad technology. The Times Company's negotiations have included the potential for Letterboxd's co-founders to remain in charge but report to a Times Company executive. Both the Times Company and Letterboxd declined to comment on the negotiations.

The acquisition would follow other major purchases by the Times Company, including Wordle, Wirecutter and The Athletic, and comes after Sony Pictures Entertainment and film studio A24 were reported to have expressed interest in acquiring Letterboxd.

How it is being reported

• The New York Times reportedly in talks to buy Letterboxd for $330 millionLetterboxd, an online platform for movie lovers, has grown dramatically in recent years.TechCrunch · 6 Nov, 00:07
• The New York Times is in talks to buy Letterboxd for around $330 millionThe New York Times Company is in talks"exclusive negotations" to acquire Letterboxd, the social network for film lovers, for around $330 million, The New York Times reports. The Times Company, Sony Pictures Entertainment, and A24 were all recently rumored to be among those interested in buying Letterboxd. The negotiations with the Times Company have included […]The Verge · 5 Nov, 23:45

In this story: The New York Times Company · Letterboxd · Sony Pictures Entertainment · A24 · Tiny Ltd.

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log