New York Times Company in Advanced Talks to Acquire Letterboxd

The New York Times Company is in exclusive negotiations to buy Letterboxd, the social platform where film fans rate and review movies, keep viewing diaries, recommend films, and take themed viewing challenges. The price under discussion is about $330 million - more than 20 times Letterboxd’s projected earnings of roughly $15 million this year. No agreement has been reached, and the negotiations could collapse. Letterboxd, founded in 2011, has about 30 million highly engaged users. Its owners hired investment bank LionTree to explore a sale, drawing interest from suitors including A24 and Sony. A24 reportedly offered to preserve the founders’ independence and the existing business model, but was outbid as the price climbed.

The acquisition would extend the Times Company’s effort to build a broader subscription bundle beyond its news product, following purchases of The Athletic, Wirecutter, and Wordle. Both companies rely on advertising and subscriptions, and Letterboxd could help the Times Company attract customers as it pursues a target of 15 million subscribers by the end of 2027; it currently has 13.8 million. The companies have discussed keeping Letterboxd co-founders Matthew Buchanan and Karl von Randow in charge, reporting to a Times executive. The platform would likely remain a standalone site for the foreseeable future, while the Times Company could connect its advertising technology to Letterboxd’s systems.