New York Times Company in Advanced Talks to Acquire Letterboxd

The New York Times Company is in exclusive, advanced negotiations to buy Letterboxd, the film-focused social network, for about $330 million. The proposed price is more than 20 times Letterboxd’s projected earnings of roughly $15 million this year, and the deal is not final; the discussions could still collapse. Letterboxd, founded in 2011, has about 30 million users who review and recommend movies, maintain viewing histories, and take on film-watching challenges. Its parent company hired investment bank LionTree to seek a buyer. A24 and Sony were among interested parties, but A24 was reportedly priced out as the asking price rose.

The potential acquisition fits the Times Company’s effort to build a broader portfolio alongside its news business, following purchases such as The Athletic, Wirecutter, and Wordle. The companies share subscription and advertising revenue streams, and the Times could bring its advertising technology to Letterboxd. The site is expected to remain independent in the near term, with co-founders Matthew Buchanan and Karl von Randow potentially continuing to lead it under a Times executive. Letterboxd’s paying-user total is not public, but adding its subscription business could help the Times pursue its goal of 15 million subscribers by the end of 2027; it currently reports 13.8 million.