New York Times Reportedly Negotiating to Buy Letterboxd for $330 Million

The New York Times Company, the U.S. media group behind the newspaper of the same name, has reportedly entered exclusive negotiations to acquire Letterboxd for $330 million. The information comes from a report published by the Times itself. Letterboxd is an online platform for film enthusiasts, often compared to Goodreads, which focuses on books. The deal has not been officially confirmed.

Rapid growth

Letterboxd's audience has expanded sharply in recent years. It had 3 million users in January 2021, and that figure reached 28 million by April of this year. More than half of its users are under 35.

The service is free, though users can unlock advanced features through a paid subscription. Projected earnings for this year are estimated at $15 million, roughly 4.5% of the price the Times is reportedly offering.

Other suitors

Letterboxd had previously been reported to be looking for a new owner. According to the Times, film studios A24 and Sony were both interested in acquiring it, but A24 was priced out.

The New York Times Company declined to comment on the potential acquisition to its own newspaper. Because the report relies on anonymous sources, the details should be treated with caution until the parties confirm them.