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The New York Times Company is currently engaged in exclusive negotiations to acquire the popular film review and social platform Letterboxd, according to reports by The New York Times. Anonymous sources told the publication that the potential deal is valued at around $330 million, an increase from earlier figures discussed this year, though discussions remain ongoing and could still fall through.
Potential Deal Details and Standalone Operations
If the acquisition goes through, Letterboxd is expected to continue operating as an independent site for the foreseeable future. However, the Times Company might integrate its proprietary advertising technology into the platform’s existing infrastructure. The New York Times Company declined to confirm the reporting from its own newsroom.
Platform Growth and Ownership History
Described frequently as a Goodreads for cinema, Letterboxd enables users to log, rate, review, and curate lists of films while interacting with the community. Despite having a modest base of 30 million members, the platform holds significant influence within the film industry, boasting an active user base that features prominent directors like Martin Scorsese. Financial projections estimate the site will generate $15 million in revenue by 2026.
Canadian investment firm Tiny acquired a 60 percent stake in Letterboxd in 2023 before initiating a sale process in July with a targeted valuation of $250 million. Initial interest reportedly came from major Hollywood entities including Netflix, Paramount, and Sony Pictures.
Strategic Fit for The New York Times
The New York Times Company has emerged as a leading contender with a higher financial offer and fewer potential conflicts of interest compared to Hollywood studios. Additionally, the company shares a comparable business model that relies on a combination of advertising and subscription revenue.
The New York Times website currently maintains 13.8 million subscribers with a target of reaching 15 million by the end of the following year. A substantial portion of the site’s audience engagement is powered by games like Wordle, cooking content, and the sports publication The Athletic. Letterboxd could potentially integrate into this ecosystem by providing users with new avenues for film exploration.
