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New York Times Company enters exclusive talks to acquire Letterboxd for $330m
Developing story first seen 2 hours ago
The New York Times Company has entered exclusive negotiations to acquire Letterboxd for about $330 million, according to a report. The talks mark a possible purchase of the film-focused social network after Sony Pictures Entertainment and A24 were also reported to be interested.
Letterboxd’s co-founders could remain in charge, reporting to a Times Company executive, while the service would likely operate as a standalone business for the foreseeable future. The proposed deal would also bring in the Times Company’s advertising technology. Its previous acquisitions 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 in exclusive talks to buy Letterboxd.
- The reported price is about $330 million.
- Letterboxd may remain standalone under its co-founders.
How this story developed
- 2 hours 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.
- 2 hours 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.
- TechCrunch The New York Times reportedly in talks to buy Letterboxd for $330 million
- Variety Letterboxd in Negotiations to Be Acquired by New York Times Company
- The Verge New York Times Company enters exclusive talks to acquire Letterboxd for $330m
- Consequence The New York Times in “Advanced Talks” to Buy Letterboxd
Full account
The New York Times Company has entered exclusive negotiations to buy Letterboxd for about $330 million, according to a report by The New York Times. The transaction has not been finalised. The reported price would be more than 20 times Letterboxd’s projected earnings of roughly $15 million for 2026.
Letterboxd, founded in New Zealand in 2011, is a social platform where users log films they have watched and rate them. Its audience has expanded rapidly: one report says membership rose from 3 million in January 2021 to 28 million by April this year, while another puts it at around 30 million. More than half of its users are under 35, according to one account.
The site’s basic features are free, with paid subscriptions offering extra tools and customisation. It also launched a film-rental service last year, available in 23 countries. The Times Company is said to plan to bring its advertising technology to Letterboxd, while keeping the service operating independently for the foreseeable future.
Letterboxd’s co-founders, Matthew Buchanan and Karl von Randow, are expected to remain in charge and report to a Times Company executive. The company has been seeking a buyer. Canadian holding company Tiny acquired a 60 per cent stake in 2023, at a reported valuation of $50 million to $60 million; the founders retained the rest. A purchase would add to the Times Company’s acquisitions of The Athletic, Wirecutter and Wordle.
Where outlets differ
From the full account, which is AI-written from the sources:
The reports describe the talks as either “exclusive negotiations” or negotiations that have “entered” an exclusive phase; all present the deal as uncompleted and the price as about $330 million.
They vary on Letterboxd’s audience: one gives 28 million users by April, while another estimates around 30 million. The reports do not specify the same year for the April figure.
The New York Times account, as relayed in the reports, says A24 withdrew after the price rose or became too high. One report also lists a wider set of interested parties, including Netflix, Skydance, TPG, Reddit co-creator Alexis Ohanian and Sony; another mentions Sony and A24, alongside the Times Company.
One report gives projected earnings of $15 million for this year, while another specifies 2026. The accounts also differ in detail about the proposed management arrangement and the Times Company’s planned use of its advertising technology.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
The acquisition could give Letterboxd the resources and reach of an established media company while allowing it to remain a standalone service under its founders. The Times Company could also apply its advertising technology to support the business, and the reported interest from other buyers suggests Letterboxd is valued as a distinctive film community.
The case against
A sale to a large media company could put pressure on Letterboxd to prioritise advertising revenue or growth over the community experience that made it distinctive. Even if it initially remains standalone, ownership may influence its future direction, and the reported $330 million price could create expectations for returns that shape how the service is run.
Coverage · 4 sources
- The VergeNew York Times Company enters exclusive talks to acquire Letterboxd for $330m
- TechCrunchThe New York Times reportedly in talks to buy Letterboxd for $330 million
- VarietyLetterboxd in Negotiations to Be Acquired by New York Times Company
- ConsequenceThe New York Times in “Advanced Talks” to Buy Letterboxd
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Originally published by The Verge as “The New York Times is in talks to buy Letterboxd for around $330 million”.