New York Times in talks to buy Letterboxd for $330 million

The New York Times Company is in "exclusive negotiations" to acquire Letterboxd for around $330 million, according to a report from the New York Times itself.

Letterboxd, a social network for film fans likened to Goodreads for movies, said it had 3 million users in January 2021 and that figure grew to 28 million by April this year, with more than half under 35. The service is free but offers a paid subscription for advanced features, and its projected earnings for the current year are about $15 million, roughly 4.5 % of the amount being discussed.

Earlier reports indicated the platform was seeking a new owner, with Sony Pictures Entertainment and A24 among those interested, although A24 was reportedly priced out. Negotiations may allow Letterboxd’s co‑founders to stay in charge while reporting to a Times executive, and the site would likely remain standalone for the “foreseeable future”, the Times said. The deal would also see the Times’ ad‑tech integrated into Letterboxd.

NYT spokesperson Charlie Stadtlander declined to comment, and Letterboxd and its parent Tiny Ltd did not immediately reply to a request for comment from The Verge. If completed, the purchase would follow other Times acquisitions such as Wordle (in a deal in “the low seven figures”), Wirecutter (“slightly more than $30 million”) and The Athletic ($550 million).