The New York Times reportedly in talks to buy Letterboxd for $330 million
TechCrunch • • entertainment
Key Points:
- The New York Times Company is reportedly in exclusive talks to acquire Letterboxd, a popular movie-focused social platform, for $330 million.
- Letterboxd has experienced significant growth, expanding its user base from 3 million in early 2021 to 28 million by April 2024, with over half of users under 35.
- Film studios A24 and Sony had shown interest in buying Letterboxd, but A24 was reportedly outbid in the process.
- Despite generating projected earnings of $15 million this year, the acquisition price far exceeds Letterboxd’s revenue, indicating strategic value beyond immediate profits.
- The New York Times Company has declined to comment on the acquisition report, which originated from its own publication and is considered credible.
