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New York Times Company enters exclusive talks to acquire Letterboxd for $330m
Developing story first seen 1 hour ago
The New York Times Company is in exclusive negotiations to buy Letterboxd for around $330 million, according to a report. The deal would add the film-lover social network to the company’s digital portfolio, following reported interest from Sony Pictures Entertainment and A24.
Letterboxd’s co-founders could stay in charge while reporting to a Times Company executive, and the service would likely remain standalone for the foreseeable future. The proposed arrangement would also bring in the Times Company’s advertising technology. Its previous purchases include Wordle, for a reported low seven-figure sum, Wirecutter, for slightly more than $30 million, and The Athletic, for $550 million.
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In short
- The Times Company is negotiating to buy Letterboxd for about $330 million.
- Letterboxd may remain standalone, with its founders still in charge.
- The plan includes integrating the Times Company’s advertising technology.
How this story developed
- 14 minutes ago The latest account adds that the purchase would broaden the Times Company’s digital portfolio, while the reported terms and plans for Letterboxd’s leadership and independent operation remain unchanged.
- 28 minutes ago The New York Times Company has entered exclusive talks to acquire Letterboxd for about $330 million, with its founders potentially staying on under a Times executive and the film network expected to remain independent.
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Originally published by The Verge as “The New York Times is in talks to buy Letterboxd for around $330 million”.