Businessupdated 1h ago2 min read
The New York Times Enters Exclusive Talks To Buy Letterboxd For About $330 Million
“Letterboxd, the social networking platform for cinephiles, will soon have new owners.”
“The New York Times said that the deal was not yet final.”
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NYT in exclusive talks to buy Letterboxd for about $330 million. Deal values Letterboxd at roughly $330 million, over 20 times 2026 earnings.
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Exclusive talks for $330M
The New York Times Company entered “exclusive negotiations” to acquire Letterboxd for roughly $330 million, according to a New York Times report cited by Adgully. The proposed price valued Letterboxd at more than 20 times its projected earnings for this year of about $15 million, and the Times Company declined to comment. Letterboxd launched in 2011 and has a user base of about 30 million who review and recommend films, build lists and take on challenges such as “Horror x 52”.
Tiny bought a 60 per cent stake in 2023 at a reported valuation of $50 million to $60 million, and the co-founders Matthew Buchanan and Karl von Randow own the remaining 40 per cent. The Times Company would integrate its advertising technology with Letterboxd’s systems, and the film platform would most likely continue as a stand-alone site for the foreseeable future.
Bidders, founders, and ad tech
The New York Times Company would be in exclusive negotiations to acquire Letterboxd in a transaction valued at about $330 million, according to Boursorama’s Reuters-provided information. The proposed deal would allow the media group to expand beyond its core business of news after it previously acquired The Athletic, the Wirecutter product-testing service, and the Wordle game. Buchanan and von Randow would be discussed as staying at the helm, with the founders reporting to a Times Company executive.
A24 is out of the running, and Tiny hired boutique investment bank LionTree to oversee the sale process. Letterboxd’s statement at the start of Tiny’s sale process said the duo, who are based in New Zealand, would be involved in any decision about Letterboxd’s future.
What could change next
The New York Times Company’s acquisition talks would extend its effort to build a bundle beyond its news offering, following its purchases of The Athletic, Wirecutter and Wordle, according to Adgully. Adgully said Letterboxd earns revenue from both subscriptions and advertising, and it said the Times Company has 13.8 million subscribers with a goal of 15 million by the end of 2027. It isn’t clear if the NYT bid includes the stakes of Letterboxd founders Matthew Buchanan and Karl von Randow, who each own 20% of the company after selling 60% to Tiny in 2023.
A24 promised Letterboxd independence and to leave its business model unchanged, while reps from LionTree, Letterboxd, the New York Times and A24 did not immediately respond to a request for comment. TheWrap, as cited in https, said the founders would remain in charge and the platform operates separately while using Times’ advertising technology, and it also said the $330 million under consideration would be roughly 22 times the $15 million in EBITDA projected for Letterboxd in 2026.