The New York Times Company Reportedly in Talks to Buy Letterboxd for $330 Million

The New York Times Company is reportedly in exclusive negotiations to purchase Letterboxd for around $330 million, according to anonymous sources cited by The New York Times. Discussions are ongoing and could still break down. If completed, Letterboxd would reportedly continue operating as a standalone site for the foreseeable future, though the Times Company could introduce its own advertising technology.

What Letterboxd offers

With its social film discovery tagline, Letterboxd lets members create curated lists, diaries, logs, ratings and reviews of movies, while following other members' activities. The site is described as a Goodreads for movies. It has 30 million members and an influential online film community that includes notable figures such as Martin Scorsese. The site is projected to have $15 million in revenue for 2026.

How the deal compares

The Canadian investment group Tiny purchased 60 percent of Letterboxd in 2023 and reportedly began seeking a sale in July this year at a valuation of around $250 million. Netflix, Paramount and Sony Pictures were reportedly among potential suitors. The price now being discussed is reportedly around $330 million, significantly more than the $250 million figure bandied around earlier this year. The New York Times Company is now in the mix at a higher price, and is arguably a better buyer because it would not pose a conflict of interest like those Hollywood studios. The New York Times Company declined to confirm the reporting.

Why the Times Company is interested

The Times Company has a similar business model with a mix of advertising and subscription revenue. The NYT website currently has 13.8 million subscribers, with a goal to reach 15 million by the end of next year. Much of its traffic is driven by puzzle games such as Wordle, along with recipes and its sports site, The Athletic. Letterboxd could fit into that mix by offering readers a new way to discover and explore films.

Sources: Engadget