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NYT is reportedly set to buy Letterboxd for $330 million
The Times Company is in exclusive talks for the film-lovers' site, and the price is far above the $250 million figure floated earlier this year.
The reported deal
The New York Times Company is in exclusive negotiations to buy Letterboxd for around $330 million, which matters to anyone who logs films on the site. [1] The Times itself reported the talks, and the sources behind the report are anonymous. [1][2]
A report from the NYT on Thursday said a deal valuing the site at $330 million is being finalized. [3] No agreement has been reached yet, and it could still fall apart. [3] Discussions are ongoing and could still break down. [1]
The price and who sells
The Times would acquire the controlling stake in Letterboxd from Tiny. [3] Tiny originally picked up a 60 percent stake in 2023, when the site was valued at $50 million. [3]
A figure of $250 million was discussed earlier in the year. [1] The Times reported that $330 million is more than 20 times Letterboxd's projected 2026 earnings of about $15 million. [3] Letterboxd is projected to have $15 million in revenue for 2026. [1]
The Times Company's prior acquisition of The Athletic was reported at $550 million. [4]
The rival bidders
Netflix, Paramount and Sony Pictures were reportedly interested in buying Letterboxd. [1] The New York Times prevailed over finalists Sony Pictures Entertainment and A24 in the bidding. [3]
According to the Times, A24 was interested but was priced out. [2] IndieWire understands that A24 was in late-stage talks and promised the founders to maintain Letterboxd's independence and business model. [3]
Plans for the site and its founders
Letterboxd would reportedly continue operations as a standalone site for the foreseeable future. [1] The Times Company could introduce its own advertising technology into Letterboxd's systems. [1]
The Times has discussed keeping founders Matthew Buchanan and Karl von Randow in place, each reporting to a Times executive. [3] The negotiations have included the potential for the co-founders to stay in charge but report to a Times Company executive. [4]
The NYT website currently has 13.8 million subscribers, with a goal of 15 million by the end of next year. [1]
What it means for you
If you use Letterboxd, the site would reportedly continue as a standalone site for the foreseeable future. [1] The Times Company could introduce its own advertising technology into its systems. [1]
The deal is not final, since an agreement has not yet been reached and could still fall apart. [3]
Sources
- The New York Times Company Is Reportedly Trying To Buy Letterboxd For $330 Million — Engadget
- The New York Times reportedly in talks to buy Letterboxd for $330 million — TechCrunch
- Letterboxd Finalizing $330 Million Sale to The New York Times — IndieWire
- The New York Times is in talks to buy Letterboxd for around $330 million — The Verge
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