The New York Times Company is in advanced talks to acquire Letterboxd, a popular movie-tracking community, for approximately $330 million. The deal values the platform at over 20 times its projected annual earnings of $15 million. Founded in 2011, Letterboxd boasts 30 million users who review films, curate watchlists, and participate in challenges.
Co-founders Matthew Buchanan and Karl von Randow may remain in leadership roles. The acquisition aligns with the Times’ strategy to expand beyond news through digital bundles, following purchases of The Athletic, Wirecutter, and Wordle. The company aims to reach 15 million subscribers by 2027, currently holding 13.8 million.
Integration of advertising technology is expected, though Letterboxd will likely operate independently. Talks are ongoing and could still collapse.
Source: New York Times Business · Summarized by HeadlinesBriefing