The New York Times Company enters exclusive negotiations to purchase film platform Letterboxd

The New York Times Company has entered exclusive negotiations to acquire the film-focused social platform Letterboxd for around $330 million, according to reporting from the newspaper itself. The community platform operates on a free model with paid subscriptions for advanced features, and its projected earnings for this year are estimated at $15 million. Other entertainment giants including Sony Pictures Entertainment and studio A24 had also explored bids, though A24 was priced out. [1][2]

Under the terms of the discussions, Letterboxd would integrate the Times Company's advertising technology while likely remaining a standalone operation for the foreseeable future. The site's co-founders have discussed remaining in charge and reporting directly to a New York Times Company executive. The acquisition would deliver a rapidly expanding community that grew from 3 million users in January 2021 to 28 million by April of this year, with more than half of its audience under the age of 35. [1][2]