NEW YORK TIMES COMPANY ENTERS TALKS TO BUY LETTERBOXD

The New York Times Company has entered “exclusive negotiations” to acquire Letterboxd for around $330 million, according to its own account. Letterboxd operates a social network for film lovers and currently belongs to Tiny Ltd. The discussions have included a potential arrangement allowing Letterboxd’s co-founders to remain in charge while reporting to a Times Company executive. New York Times spokesperson Charlie Stadtlander declined to comment on the negotiations.

Letterboxd reported 28 million users by April this year, up from 3 million in January 2021. The platform also said people under 35 account for more than half of its users. Sony Pictures Entertainment and A24 have also featured in speculation about potential buyers, alongside the Times Company. Letterboxd and Tiny Ltd. did not immediately respond to requests for comment on the acquisition talks.

The Times Company’s account outlined a proposed arrangement under which Letterboxd would retain its standalone operation for the “foreseeable future”. It also described plans to integrate the Times Company’s advertising technology into Letterboxd. The Times Company’s previous acquisitions include Wordle, which it bought for a price in the low seven figures, and Wirecutter, for slightly more than $30 million. It also bought The Athletic for $550 million.