New York Times Company in Talks to Acquire Letterboxd

The New York Times is in exclusive negotiations to acquire popular film-focused social platform, Letterboxd. The deal is reportedly set at approximately $330 million, although no final agreement has been set in place.

Since launching in 2011, Letterboxd has reached over 30.7 million. The New York Times reported the acquisition talks on 5th November, with the deal potentially opening up new opportunities for the publisher beyond its traditional news business.

Under the proposed agreement, Letterboxd co-founders Matthew Buchanan and Karl von Randow would remain in charge, and the app is expected to continue to operate as a standalone platform from The New York Times.

The New York Times are among several major companies that the sales process has attracted; Skydance/Paramount, Netflix and Sony Pictures Entertainment have all also shown interest in the acquisition of the app. A24 has also previously been considered the main competitor, but has since withdrawn after the asking price increased.

So what does this mean for Letterboxd users? The New York Times’ has reportedly considered keeping the platform independent and running as it is. Unlike a major film studio, it has no films of its own to promote or protect, meaning less risk of conflict of interest when it comes to how films are reviewed on the platform.

The deal would fit into the New York Times’ wider plans to grow its digital subscriptions and advertising. The publisher has already expanded beyond news through purchases including The Athletic, Wirecutter and Wordle.

Letterboxd would add millions of film fans to its existing audience, as well as another paid membership service and new advertising opportunities.

For now, the deal is still being negotiated. Neither company has confirmed an agreement.