The New York Times in talks to acquire Letterboxd for $330M

The New York Times Company has reportedly entered exclusive negotiations to acquire Letterboxd, the popular online platform for movie enthusiasts, for $330 million, according to a report published by The New York Times itself.

Letterboxd serves as a digital gathering space for film lovers to log, rate, and review movies, often compared to Goodreads for literature. The platform has experienced dramatic growth over recent years, having reported 3 million users in January 2021 before surging to 28 million users by April of this year, with more than half of its audience under the age of 35.

Prior to this development, Letterboxd was reportedly seeking a new owner. According to the Times report, film studios A24 and Sony were both interested in acquiring the platform, though A24 was ultimately priced out of the deal.

Stock photo for illustration only, not from the actual event

While Letterboxd remains free to use, members can unlock advanced features through a paid subscription model. Its projected earnings for the current year are estimated at $15 million, which accounts for roughly 4.5% of the total amount reportedly offered by the Times for the buyout.