The New York Times Company is in exclusive talks to buy Letterboxd, the social platform where film fans log and review the movies they watch, for roughly $330 million. The Times reported the talks on Thursday, citing two people familiar with the discussions.
No agreement has been reached, and the talks could still fall apart. The price under discussion values Letterboxd at more than 20 times its projected earnings this year of about $15 million.
Under the plans discussed, Letterboxd co-founders Matthew Buchanan and Karl von Randow would stay in charge of the platform, reporting to a Times Company executive. The site would keep running as a standalone service, while the Times could bring its advertising technology into the platform.
Letterboxd launched in 2011 and has grown fast since 2020, reaching 30 million users. Investment bank LionTree has run the sale process. Film studios A24 and Sony were among the prospective buyers, though A24 dropped out as the price rose.
The Times has been building a portfolio of digital products beyond news, including The Athletic, Wirecutter and Wordle. Letterboxd would be the latest addition to that stable.
Source: TheWrap
