NYT in Talks to Buy Letterboxd for $330 Million
The New York Times Company is in exclusive talks to acquire Letterboxd for around $330 million.
TL;DR
- NYT is in exclusive talks to buy Letterboxd for about $330 million.
- Letterboxd has 30 million users and offers free and paid tiers plus film rentals.
- Founders would stay on and the site would likely remain standalone.
The New York Times Company is in exclusive talks to buy Letterboxd, the social network for movie fans who track, rate and discuss films, for around $330 million.
Letterboxd has about 30 million users. It launched in New Zealand in 2011 with a free core service and paid Pro and Patron tiers. Last year it added a film-rental platform in 23 countries.
Co-founders Matthew Buchanan and Karl von Randow are expected to stay in charge and report to a Times executive. The site would probably keep running on its own for now and adopt the Times ad tech stack.
Canadian firm Tiny owns 60 percent of Letterboxd after buying that stake in 2023 at a $50-60 million valuation. The founders hold the rest.
Other bidders had shown interest, including A24, Sony Pictures and Netflix. A24 reportedly stepped away once the price climbed. The deal is not final yet and values Letterboxd at roughly 20 times its projected 2026 earnings of about $15 million.
Past Times buys
The Times has a habit of snapping up subscription-friendly products. It paid low seven figures for Wordle, slightly more than $30 million for Wirecutter and $550 million for The Athletic.
The Tea
This move shows how media giants are chasing engaged communities that already pay and stick around. If it closes, Letterboxd gets scale and ad tools while the Times adds another habit-forming app to its bundle.