Times company in talks to buy Letterboxd for $330 million
The New York Times company has entered exclusive negotiations to acquire the movie platform Letterboxd for $330 million. The deal would add a fast-growing social network with 28 million users to the publisher's portfolio.
The New York Times company has reportedly entered exclusive negotiations to acquire Letterboxd, an online movie platform, for $330 million. The report originated from the Times' own publication, and the company declined to comment on the story. Letterboxd has experienced significant growth, expanding from 3 million users in January 2021 to 28 million by April of this year. More than half of its user base is under the age of 35. The platform operates on a free model but offers paid subscriptions for advanced features. Its projected earnings for the current year are estimated at $15 million, which represents approximately 4.5% of the reported acquisition price. Film studios A24 and Sony were previously interested in acquiring the platform, but A24 was reportedly priced out of the deal. The acquisition would position the Times company to deepen its engagement with younger audiences through a popular cultural hub.