The New York Times Company has entered exclusive negotiations to acquire the film-centric social media platform Letterboxd for approximately $330 million. The deal, which follows a period of rapid growth for the movie-logging site, represents a central piece of the Times’ ongoing strategy to expand its digital “bundle” and capture a younger, Gen Z-dominated audience.
The reported acquisition price marks a significant premium for the platform. In 2023, Tiny Ltd. acquired a 60% majority stake in Letterboxd at a valuation estimated between $50 million and $60 million. A final sale at $330 million would represent a nearly sixfold increase in valuation in roughly three years. This growth is mirrored by the platform’s expanding user base, which has climbed from 3 million members in 2021 to approximately 30 million.
The acquisition reportedly follows a competitive bidding process. Sources indicate that both Sony Pictures Entertainment and A24 expressed interest in the platform, though A24 is said to have dropped out of the bidding as the acquisition price continued to climb. The Times’ offer represents a roughly 22x multiplier on Letterboxd’s projected $15 million in earnings for 2026.
According to reported details of the negotiations, Letterboxd co-founders Matthew Buchanan and Karl von Randow are expected to remain in charge of the platform following the sale. While the site is intended to remain a standalone destination for the foreseeable future, the New York Times Company plans to integrate its own proprietary advertising technology into the service.
This move mirrors the Times’ previous high-profile acquisitions, such as the 2022 purchase of the viral word game Wordle for a low seven-figure sum and the $550 million acquisition of The Athletic. Both moves were designed to drive daily engagement and funnel users toward the “All Access” subscription model, which currently includes Games, Cooking, and Wirecutter alongside its core news product.
The planned integration of Times ad tech has raised questions regarding the experience for Letterboxd’s “Pro” and “Patron” tiers, which currently offer an ad-free interface. It remains unclear if or how the platform will be bundled into the New York Times subscription tiers or if long-requested community features, such as the ability to log television series, will be prioritized under new ownership.
New York Times spokesperson Charlie Stadtlander declined to comment on the negotiations. Tiny Ltd., the current majority owner, has not issued a formal response.