GoKawiil
Tech News
The New York Times Company is reportedly negotiating exclusively to acquire film social network Letterboxd for around $330 million, up from an earlier $250 million valuation, according to anonymous sources cited by the New York Times. Letterboxd would reportedly keep operating as a standalone platform, though the Times could add its own ad technology to the site. The Times Company declined to confirm the reporting.
The New York Times Company has reportedly entered exclusive negotiations to buy Letterboxd, the social platform for film fans, for $330 million. Letterboxd's user base has surged from 3 million in January 2021 to 28 million this April, with more than half under age 35. Film studios A24 and Sony had also reportedly expressed interest, but A24 was priced out of the deal.
The New York Times Company is in exclusive negotiations to acquire Letterboxd, the film-focused social network, in a deal valued around $330 million. Sony Pictures and A24 had also been floated as potential buyers before talks with the Times advanced. Under the discussed terms, Letterboxd's co-founders would keep running the company but report to a Times Company executive, while adopting the Times' ad technology.
Letterboxd, the film-tracking social app founded in 2011 by Matthew Buchanan and Karl von Randow, is reportedly being shopped for more than $300 million. Potential buyers named include The New York Times, A24, and Sony Pictures, according to a Times report. The company is projected to earn about $15 million this year and has grown to 30 million users, up from 1.8 million in 2020.
Letterboxd, the social network for film enthusiasts, is reportedly close to being sold at a valuation of $300 million, according to sources cited by the New York Times. Potential buyers named include A24, Sony, and the New York Times itself, though no deal has been finalized.