The New York Times reportedly in talks to buy Letterboxd for $330 million
Letterboxd, an online platform for movie lovers, has grown dramatically in recent years.
Key points
- The New York Times Company is reportedly in exclusive talks to buy Letterboxd for $330 million.
- Letterboxd's user base grew from 3 million in January 2021 to 28 million by April this year.
- Letterboxd's projected earnings for this year are estimated at $15 million.
The New York Times Company has reportedly entered exclusive negotiations to acquire Letterboxd for $330 million, according to a report from The New York Times itself. Letterboxd is an online platform for movie lovers, described in the report as comparable to Goodreads for movies.
Rapid growth in users
Letterboxd reported 3 million users in January 2021, and that figure grew to 28 million by April of this year. More than half of its users are under 35. The platform is free, with advanced features available through a paid subscription.
entered exclusive negotiations
— The New York Times
Other suitors and finances
Letterboxd had previously been reported to be seeking a new owner. According to the Times, film studios A24 and Sony were interested in the acquisition, but A24 was priced out.
Letterboxd's projected earnings for this year are estimated at $15 million, about 4.5% of the reported offer price. The New York Times Company declined to comment on the acquisition to its own paper.
