The New York Times is in exclusive talks to buy Letterboxd, the film lovers platform, in a deal worth about $330 million, according to reports. The two sides have not signed an agreement, and the talks could still fall apart.
The reported price would value Letterboxd at more than 20 times its projected earnings for this year, estimated at about $15 million. The gap between that price and the platform’s earnings shows how highly the publisher rates its young and loyal audience.
Letterboxd began in 2011 and lets film fans log what they watch, write reviews, build lists and follow other viewers. It has grown from 3 million users in early 2021 to around 30 million, with more than half of its users under 35, according to reports.
The founders, Matthew Buchanan and Karl von Randow, could stay in charge under the proposed deal and report to a Times executive, while the platform keeps running as a standalone service. The sale process has been run by the investment bank LionTree.
Why the Times wants a film community
The deal would push the publisher further beyond news and into digital services built around loyal audiences. The Times has already bought the sports site The Athletic, the product guide Wirecutter and the word game Wordle, each of them bringing readers who return every day. Letterboxd would add a younger crowd that talks about film daily, plus a subscription business that fits the publisher’s model. The platform is free to use, with paid memberships unlocking extra features.
Investors have been paying close attention to digital platforms with loyal audiences, and Canva reshaped its workforce this week as growth slowed and costs rose.
A busy season for big deals
The talks come as large deals continue across media and technology. Marvell agreed to buy Lumentum in a $115 billion all stock deal earlier this month.
Other suitors circled Letterboxd before the Times moved into exclusive talks. Film studio A24 and Sony were among the interested parties, and A24 stepped back as the price climbed. Netflix and other buyers had also shown interest, according to reports.
Letterboxd is majority owned by Canadian holding company Tiny, which bought a 60 percent stake in 2023 at a valuation of $50 million to $60 million. A sale at $330 million would be a sharp rise on that figure in only three years. The Times declined to comment, and Letterboxd did not immediately respond to a request for comment.
