Business · New York
The New York Times in exclusive talks to buy Letterboxd for about $330 million
Talks have reached an exclusive stage at a price of about $330 million, more than 20 times the film site's expected profit for this year. Nothing has been signed, and the co-founders could stay on under a Times Company executive.
AI text based on reports by europa press, EL PAÍS, La Razón and other publishers. Published . How it is made
For membersThe first 30 seconds for everyone. Synthetic voice (AI).
In brief
The New York Times Company is in exclusive talks for Letterboxd at a price of about $330 million, more than 20 times projected earnings of about $15 million this year. No agreement has been reached.
Matthew Buchanan and Karl von Randow could remain in charge of the platform while reporting to a Times Company executive, and Letterboxd would likely stay standalone.
Letterboxd has about 30 million active users, which attracted potential buyers, and the Times Company previously bought The Athletic for $550 million.
Exclusive talks under way
The New York Times Company has opened exclusive talks to buy Letterboxd, the film-focused community site, according to people familiar with the matter cited by the newspaper. The report appeared on 5 November, and Spanish outlets carried it the next day. The figure being discussed is about $330 million, which would be more than 20 times the platform's expected profit for this year, around $15 million. The talks are confidential and no agreement has been reached, and the newspaper warned they could still fail. Euro equivalents differed between outlets, with Europa Press giving about 300 million euros and EL PAÍS about 295 million.
- Proposed price
- 330 USD millions
- Projected 2026 earnings
- 15 USD millions
Data from the article text
Deal structure and platform
Under the talks, co-founders Matthew Buchanan and Karl von Randow could remain in charge of Letterboxd, but they would report to a Times Company executive. The Verge, citing the Times report, said the site would likely stay standalone for the 'foreseeable future' while the Times Company integrated its ad technology. Letterboxd has about 30 million active users who rate films, keep records of what they have watched and build lists, and the platform carries little advertising. Europa Press reported that Letterboxd had been working with the investment bank LionTree to prepare the sale. La Razón reported that the Times Company has 13.8 million subscribers and aims for 15 million by the end of 2027, and that the deal could help reach that goal through a service that mixes subscriptions and advertising.
Bidders and earlier deals
Sony and the studio A24 were among the parties reported as interested, and La Razón said A24 lost interest as the price rose. El País said names such as Netflix, Sony Pictures Entertainment and Paramount Skydance had been floated for months. The Verge noted that the Times Company previously bought The Athletic for $550 million, Wirecutter for slightly more than $30 million and Wordle for the low seven figures. The Times Company declined to comment, and NYT spokesperson Charlie Stadtlander declined to comment to The Verge. Letterboxd and its parent Tiny Ltd did not immediately reply to The Verge, and Matthew Buchanan did not respond to a request from The New York Times.
- The Athletic
- 550 USD millions
- Letterboxd (in talks)
- 330 USD millions
Data from the article text
What remains open
No agreement has been signed, and the newspaper stressed that the negotiations could still fail. Neither company has publicly confirmed the talks, and Letterboxd had not answered requests for comment when The Verge reported. The coverage gives no closing date and no regulatory timetable. The New York Times framed the possible purchase as part of an effort to add new products and services to the company's portfolio.
Ask about this text
Sources and context
- europa pressThe New York Times considers buying the social network Letterboxd for 300...'The New York Times' baraja comprar la red social Letterboxd por 300... · original in Spanish
- EL PAÍSThe New York Times wants to buy Letterboxd for 330 million dollarsEl New York Times quiere comprar Letterboxd por 330 millones de dólares · original in Spanish
- La RazónThe New York Times negotiates the purchase of Letterboxd for about 330 million dollarsThe New York Times negocia la compra de Letterboxd por unos 330 millones de dólares · original in Spanish
- The VergeThe New York Times is in talks to buy Letterboxd for around $330 million
- Matthew Buchanan
- Letterboxd co-founder who could remain in charge of the platform under the talks
- Places
- New York City
- Organizations
- Sony
Pollar is free and carries no ads in the text. Its members keep it going.
Support Pollar