The list of potential suitors for Letterboxd continues to grow with another media player expressing interest in the social media platform for cinephiles, which could fetch more than $300 million.
Gigi Pritzker, billionaire philanthropist and CEO of independent production company Madison Wells, is part of an investor consortium that has expressed interest in acquiring Letterboxd, according to an individual familiar with the matter. But the New York Times is seen as a favorite given its ability to be a neutral custodian, another person familiar with the sales process said.
Letterboxd isn’t a household name unless you’re a film buff. The platform that lets you log, rate and review movies you’ve seen may fly under the radar for most people. But over the last few years, it has become a reliable haven for film fans to share their love of (and argue over) cinema and discover their next watch. The app is elegant, unique and, above all, cool — traits that have allowed it to build a base of fervently loyal users.
As of the end of the second quarter, Letterboxd surpassed 30.7 million members, an increase of 43% year-over-year and up 185% since being acquired by the Canadian holding company Tiny. That number, TheWrap has learned, is now closer to 35 million. Any deal for Letterboxd is expected to value the platform at over $300 million, roughly 20 times its projected earnings before interest, taxes, depreciation and amortization, or Ebitda of roughly $15 million for this year. Letterboxd’s Ebitda is projected to increase to over $20 million in 2027.
It’s that growth and a user base of informed film fans that makes Letterboxd such a hot acquisition target. Studios are keen to at least kick the tires on the company because so much of the critical discourse around films happens there. Owning that discourse, as well as the user data that members — many of whom are in that coveted Gen Z demographic — submit about their movie preferences, would be invaluable.
It’s unclear when a deal could close, but an individual familiar with the situation noted that things are further along now than they were during initial reports in April and when Letterboxd was simply taking initial interest meetings with parties like Sony and Netflix back in July. Since then, the New York Times and A24 have also expressed interest.
Representatives for Letterboxd declined to comment. Katie Hill, the New York Times’ global head of communications and external affairs, told TheWrap it “regularly reviews potential investments,” but declined to comment on “speculation about potential acquisitions or divestitures.”
Pritzker, Letterboxd’s majority owner Tiny and LionTree, the investment bank running the sales process, did not immediately return TheWrap’s request for comment.
Potential new suitors
In 2001, Gigi Pritzker formed the independent production and finance company Odd Lot Entertainment. The company would later be merged into Madison Wells in 2015.
Over the course of her career, Pritzker has focused on developing, producing and funding film, television and theater projects from underrepresented voices, particularly women as well as established and up-and-coming storytellers looking to push boundaries. Her notable producing credits include films like “Rabbit Hole,” “Drive” and “Hell or High Water” and TV series such as “The Dragon Prince” and “Genius.”
Letterboxd makes a good fit for Pritzker’s ethos, with the platform often helping elevate the same voices and projects she’s spent her career funding. For as much as Letterboxd users log and litigate the year’s biggest blockbusters, the site’s most popular participants often spread the word and praise underseen and undercelebrated indie productions. It’s a cinematic equalizer, one that platforms quality more than box office earnings.
As surprise word-of-mouth hits like “Obsession” have shown, being able to harness buzz and the discourse around films and filmmakers is extremely powerful.
But alikely contender to walk away with Letterboxd is one that didn’t appear in the initial round of candidates: the New York Times. But it’s seen as a compatible buyer since it doesn’t have a stake in the films discussed on the platform. Over the last several years, the Times has invested in different outlets and platforms to get its subscribers to spend more time on its site, whether it’s games like Wordle or podcast creator Serial Productions. In 2022, it acquired sports news site The Athletic for $550 million.
In addition to Pritzker and the New York Times, LionTree and Tiny have gauged interest from A24, Sony and Netflix. Other potential suitors that have reportedly been floated include Paramount, RedBird Capital Partners, TPG, Reddit Co-Founder Alexis Ohanian and Versant.
According to an individual familiar with the situation, Letterboxd’s owners have been open to meeting with studios, but a deal would likely include conversations aimed at keeping the service’s mission intact.
TheWrap previously confirmed that The Ankler was approached by Tiny about acquiring Letterboxd last year, but the two sides ultimately couldn’t agree on deal terms. In July, an insider said that communications between the two companies remain open as they’ve partnered on sales, a series of events and newsletters, but that the Janice Min-led media company was not actively looking to acquire Letterboxd.
A public benefit corporation called Intrinsic Entertainment Collaborative also officially launched its Letterboxd4All campaign on Monday. As TheWrap previously reported, its long-shot bid is focused on keeping Letterboxd independent from studio influence and maintaining the platform as a “point of discoverability” to help indie filmmakers own their own audience.
The group of indie film advocates has built a coalition of unnamed investors capable of writing seven- and eight-figure checks. Its campaign also allows the public to participate as equity investors through a platform called WeFunder, which requires a minimum $100 investment, or through donations of any amount via its GoFundMe or a fiscal sponsor. As of the time of publication, The GoFundMe has raised $38,705 from 20 donations.
A history of growth
The social media service, which launched in 2011, has had a meteoric rise over the years, with celebrities now eagerly awaiting to share their “Letterboxd 4” (or their four favorite films, featured on users’ Letterboxd profiles) on red carpets. Back in 2024, the platform boasted 16 million users, a number that has roughly doubled in the two years since.
“It’s just undeniable that Letterboxd has become the leading platform in film discourse — involving those even well beyond traditional cinephiles and attracting a significant portion of the ‘casual’ moviegoing audience as well,” Zoë Rose Bryant, a prolific Letterboxd user, told TheWrap in July.
Letterboxd has survived a changing of hands before. In 2023, Tiny purchased a majority stake of 60% in a deal valued at $50–$60 million. Meanwhile, the remainder is owned by Letterboxd’s co-founders Matthew Buchanan and Karl von Randow. Tiny began shopping its stake in Letterboxd in 2025, though the sales process did not publicly surface until April.
Owning that discourse and user data could be invaluable to any major studio as they build and promote their own film slates each year. However, the prospect of a studio owning Letterboxd has sparked fears that the platform will be unable to remain neutral about which films ultimately get promoted on the service and that any negative opinions around a corporate owner’s films could be censored.
Which is likely why there’s such a diverse collection of companies weighing an offer.
Sharon Waxman contributed reporting to this story.
