The New York Times Company is reportedly trying to buy Letterboxd for $330 million
Letterboxd would reportedly continue operations as a standalone site.
The company that owns The New York Times is in exclusive negotiations to purchase the cinephile online platform Letterboxd. The price being discussed is reportedly around $330 million, significantly more than the $250 million figure discussed earlier this year. Discussions are ongoing and could still break down.
Letterboxd would reportedly continue operations as a standalone site for the foreseeable future. However, the Times Company could introduce its own advertising technology into Letterboxd's systems.
Platform Growth and Influence
With its social film discovery focus, Letterboxd allows members to create curated lists, diaries, logs, ratings and reviews of movies. Though relatively small with 30 million members, Letterboxd is an influential online film site with a dedicated and active community. The site is projected to have $15 million in revenue for 2026.
The Canadian investment group Tiny purchased 60 percent of Letterboxd in 2023, but reportedly started seeking a sale in July this year. Potential suitors previously included Netflix, Paramount and Sony Pictures.
Strategic Fit
The New York Times Company is now in the mix at a higher price, and is arguably a better buyer because it would not pose a conflict of interest like those Hollywood studios. The Times Company also has a similar business model with a mix of ad and subscription revenue.
The NYT website currently has 13.8 million subscribers, with a goal to hit 15 million by the end of next year. Much of the site's traffic is driven by its puzzle games, recipes and sports coverage. Letterboxd could fit into that mix, offering readers a new way to discover and explore films.
