● Covered by 3 sources · 3 reportsMedium impact3 neutral
The New York Times Reportedly in Exclusive Talks to Acquire Letterboxd for $330 Million
Key points
- The New York Times Company is in exclusive talks to buy Letterboxd.
- The reported acquisition price is around $330 million.
- Letterboxd's user base grew from 3 million (2021) to 28 million (2024).
- Co-founders may remain in charge, reporting to a Times Company executive.
- Letterboxd would likely operate as a standalone entity initially.
- Letterboxd has 30 million members.
- The Times Company could introduce its advertising technology into Letterboxd's systems.
Exclusive Acquisition Talks Underway
The New York Times Company has reportedly entered into exclusive negotiations to acquire Letterboxd, a social network for film lovers. The proposed deal is valued at approximately $330 million. This potential acquisition follows a period of speculation regarding Letterboxd's future ownership, with other entities like Sony Pictures Entertainment and A24 previously rumored to be interested.
Letterboxd's Growth and Business Model
Letterboxd has experienced substantial growth in recent years, expanding its user base from 3 million in January 2021 to 28 million by April of this year. Over half of its users are under 35. The platform offers free access with advanced features available through a paid subscription. Its projected earnings for the current year are estimated at $15 million.
Integration into The New York Times Portfolio
If the acquisition proceeds, Letterboxd would join The New York Times Company's portfolio, which includes previous purchases such as the game Wordle and sports news site The Athletic. The Times Company's ad tech would be integrated into Letterboxd. The current plan suggests Letterboxd would remain a standalone entity for the foreseeable future, with its co-founders potentially continuing to lead the platform while reporting to a Times Company executive.
Strategic Expansion for The Times
This move would represent an expansion of The New York Times Company's digital offerings beyond its core news and gaming segments. The company has declined to comment on the ongoing negotiations.
Updates
- Letterboxd has 30 million members.
- The Times Company could introduce its advertising technology into Letterboxd's systems.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
The New York Times Company is reportedly in exclusive negotiations to acquire Letterboxd, a social film discovery platform, for approximately $330 million. Letterboxd is expected to continue operating as a standalone site, potentially integrating the Times Company's advertising technology. This acquisition would expand the Times Company's digital offerings beyond news, puzzles, and recipes, tapping into Letterboxd's active community of 30 million members.
The New York Times Company is reportedly in exclusive negotiations to acquire Letterboxd, a movie social networking platform, for $330 million. Letterboxd has grown from 3 million users in January 2021 to 28 million users by April of this year. This acquisition would expand The New York Times' digital offerings beyond news and games.
The New York Times Company is reportedly in exclusive negotiations to acquire Letterboxd, a social network for film enthusiasts, for around $330 million. This potential acquisition would integrate Letterboxd into the Times Company's portfolio, following previous purchases like Wordle and The Athletic.