The New York Times Company is in exclusive talks to acquire Letterboxd, the popular social platform for movie lovers, for roughly $330 million, in a deal that would expand the publisher’s digital business beyond news.
The negotiations, reported Thursday by the Times, follow months of competition for the film-review platform. TheWrap reported on the Times’ interest in September and identified it as a leading contender in October. Unlike Hollywood studios pursuing Letterboxd, the Times could preserve the platform’s independence without potential conflicts over the movies its users review. The acquisition would build on the publisher’s strategy of expanding its subscription and advertising businesses through purchases including The Athletic, Wirecutter and Wordle.
The proposed price represents roughly 22 times Letterboxd’s projected 2026 earnings before interest, taxes, depreciation and amortization of $15 million, according to the Times, citing two people familiar with the discussions. Under the proposed deal, co-founders Matthew Buchanan and Karl von Randow would remain in charge, with Letterboxd expected to operate as a standalone platform while using the Times’ ad tech, according to the report.
The Times declined to comment. No agreement has been reached, and negotiations could still fall apart.
Founded in 2011, Letterboxd allows users to rate and review movies, track their viewing habits and share recommendations. Its membership surpassed 30.7 million at the end of the second quarter, up 43% from a year earlier, and was approaching 35 million by October, according to TheWrap’s previous reporting. The platform has become an increasingly influential destination for film discussion, particularly among younger moviegoers.
The sale process, overseen by investment bank LionTree, attracted interest from A24, Sony, Netflix and an investor group led by Madison Wells CEO Gigi Pritzker, among others. Letterboxd is majority-owned by Canadian holding company Tiny, which acquired a 60% stake in 2023 in a deal valuing the platform at $50 million to $60 million. Its co-founders retain the remaining 40%.
Preserving Letterboxd’s independence has been a key consideration throughout the bidding process. One competing bidder offered to maintain the platform’s independence and existing business model, while expressing concerns that other potential buyers could put parts of the service behind a paywall, according to a person familiar with the discussions.
For the Times, Letterboxd would add an established digital audience as the publisher works toward its goal of 15 million subscribers by the end of 2027. The acquisition would also expand its advertising business as it seeks new revenue sources beyond its core news operation.
