A24 and The New York Times have reportedly joined a growing group of potential buyers interested in Letterboxd, with a sale possibly valuing the film-review and social platform at more than $300 million. The reported valuation would represent about 20 times Letterboxd’s projected 2026 earnings and could trigger concerns about editorial independence if acquired by a studio or streaming company.

Other interested parties reportedly include Netflix, Sony Pictures Entertainment, Paramount Skydance, TPG and Reddit co-founder Alexis Ohanian. Founded in New Zealand in 2011, Letterboxd has more than 30 million members, is majority-owned by Tiny following its 60% stake purchase in 2023 at a valuation of $50 million-$60 million, and has expanded into online film rentals.