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The New York Times in "Advanced Talks" to Buy Letterboxd
The reported $330 million deal would expand the Times’ consumer media portfolio and keep Letterboxd’s co-founders in charge, sources said.
- On Thursday, The New York Times Company entered exclusive negotiations to acquire Letterboxd, the social platform for movie lovers, for roughly $330 million. The deal would expand the publisher's digital business beyond traditional news.
- Canadian holding company Tiny Ltd acquired a 60% stake in 2023 when Letterboxd was valued at $50 million, guiding the platform's expansion to 30 million users. The site, founded in 2011, allows film enthusiasts to track and rate movies.
- Sony Pictures Entertainment and A24 competed for the platform during the sale process overseen by investment bank LionTree. A24 reportedly dropped out when the price rose, leaving the Times as the prevailing bidder.
- Co-Founders Matthew Buchanan and Karl von Randow would remain in charge, reporting to a Times executive. Letterboxd would operate as a standalone platform while integrating the publisher's advertising technology.
- The acquisition aligns with the publisher's strategy of expanding subscription businesses through previous purchases like The Athletic, Wirecutter, and Wordle. The Times aims to reach 15 million paid subscribers by the end of 2027.
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New York Times In Exclusive Talks To Buy Letterboxd For Reported $350 Million
The New York Times Company is in exclusive talks to acquire the beloved cinephile social media platform Letterboxd, Deadline has confirmed. The only other remaining bidder, A24, is out of the running. The New York Times first reported that its parent is in pole position to buy the site from Canadian hedge fund Tiny, pegging […]
·Los Angeles, United States
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New York Times Company in advanced talks to acquire Letterboxd for roughly $330 million
The New York Times Company is reportedly in advanced negotiations to acquire film-based social platform Letterboxd for approximately $330 million, marking a strategic move beyond its core news offerings.
·Riyadh, Saudi Arabia
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Coverage Details
Total News Sources17
Leaning Left6Leaning Right1Center4Last UpdatedBias Distribution55% Left
Bias Distribution
- 55% of the sources lean Left
55% Left
L 55%
C 36%
Factuality
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