The New York Times Company Discusses Purchase of Film Platform Letterboxd

The New York Times Company is in talks to buy the online movie community Letterboxd for about $330 million. This price is more than 20 times the platform's expected earnings of about $15 million for 2026. The Times reported that the deal is not final yet.

Details

Other bidders earlier included A24, Netflix, Sony Pictures Entertainment, Skydance, TPG, and Reddit co-creator Alexis Ohanian. A24 dropped out when the price went up. Co-founders Matthew Buchanan and Karl von Randow will likely stay in charge and report to a Times executive. Letterboxd has about 30 million users and started an online film-rental service last year in 23 countries. Founded in New Zealand in 2011, Canadian holding company Tiny bought a 60 percent stake in 2023 for a valuation of $50 million to $60 million, while Buchanan and von Randow kept the other 40 percent. The New York Times did not comment on the report.

Context

Major media publishers often buy popular digital platforms to grow their online audiences and bring in new readers. The New York Times has previously bought other digital properties like The Athletic, Wirecutter, and Wordle to boost reader engagement.