The New York Times Company is in exclusive negotiations to acquire Letterboxd, the social platform where movie buffs log, rate, and obsess over films, in a deal reportedly worth about $330 million. No agreement has been finalized, and people familiar with the talks caution the deal could still fall apart before it's signed.
Word of the advanced discussions came Thursday from The New York Times itself, in a report from reporters Benjamin Mullin and Lauren Hirsch, who cited two unnamed sources for the contemplated price tag. Those sources described the proposed sum as exceeding 20 times Letterboxd's projected earnings, and the Times said it declined to comment on the negotiations. Letterboxd co-founder Matthew Buchanan did not respond to a request for comment, according to the Times report.
According to TheWrap, the roughly $330 million figure works out to about 22 times Letterboxd's projected 2026 earnings before interest, taxes, depreciation and amortization, which sources pegged at around $15 million. TheWrap also reported that under the proposed arrangement, Letterboxd co-founders Matthew Buchanan and Karl von Randow would remain in charge of the platform if the acquisition goes through.
A Crowded Field of Suitors
The Times wasn't the only company circling Letterboxd. The sale process also drew interest from A24, Sony and Netflix, among others, TheWrap's report found. Letterboxd's appeal lies in its devoted base: the platform attracts movie buffs who review and recommend films, curate personal filmographies, and complete viewing challenges, turning casual moviegoing into something closer to a social sport.
Just how big that base has gotten depends on which account you read. Per the same report, Letterboxd's membership surpassed 30.7 million at the end of the second quarter, up 43% from a year earlier, and was nearing 35 million by October. Separately, Semafor reported that the company surged from around a million users in 2020 to more than 26 million users earlier this year, according to company filings. Deadline, citing LionTree managing director Alex Michael, reported the platform had 30 million monthly users, with its largest user group ages 18 to 24, achieved with zero paid marketing, he added.
What Letterboxd Was Worth Before
Any $330 million price tag would mark a dramatic jump from Letterboxd's last known valuation. Software holding company Tiny purchased a 60% stake in Letterboxd in 2023, and reports differ on what that deal valued the company at. Semafor put the figure at $50 million, while Variety reported the 2023 stake was valued at $50 million to $60 million.
The Times's Deal-Making Track Record
A Letterboxd acquisition would add to a string of media purchases by the Times, which has previously bought The Wirecutter and, in 2022, agreed to acquire The Athletic for an all-cash purchase price of $550 million, according to The New York Times Company. The company appears to have had its eye on Letterboxd for months: the Times reported it formally expressed interest in buying the platform back in September.
The company also has the cash on hand to make a move. The Times reported it had $1.26 billion in cash and marketable securities at the end of September. Whether that war chest ultimately funds a Letterboxd purchase remains to be seen, as Variety noted the newspaper had no comment when asked about the negotiations.
