Sony Pictures Entertainment is among several parties that have agreed to participate in initial meetings as Letterboxd shops itself for a potential sale, an individual familiar with the matter told TheWrap.
Others that have participated in the early talks include Netflix and Paramount, private equity firms RedBird and TPG and Reddit co-creator and Seven Seven Six founder and general partner Alexis Ohanian, according to Puck.
Letterboxd is majority-owned by the Canadian holding company Tiny, which took a 60% stake in 2023 in a deal that valued the platform at $50 million. Meanwhile, Letterboxd co-founders Matthew Buchanan and Karl von Randow own the remaining 40% of the company. As of June, the platform has surpassed 30 million members globally.
Puck notes that the company began a sales process earlier this year run by LionTree and that bankers are floating a $250 million valuation for the platform.
The latest meetings come after Semafor reported in April that Tiny spoke with both Versant and the Ankler about their interest in potentially buying the platform, thought it couldn’t agree on sales terms with the latter.
Representatives for Netflix, Paramount, Sony and Versant declined to comment, while Letterboxd, Tiny, RedBird, TPG, Ohanian, The Ankler and LionTree did not immediately return TheWrap’s request for comment.
