The New York Times Company has entered exclusive negotiations to acquire the cinephile social platform Letterboxd in a deal valued at about $330 million. The proposed transaction would bring the popular movie-logging community under the same media umbrella as sports site The Athletic, product reviewer Wirecutter, and the puzzle game Wordle.
The New York Times first reported that its parent organization is in pole position to buy the site from Canadian holding company Tiny, according to Deadline. No final agreement has been reached yet, and two sources told the paper that the discussions could still fall apart. If completed, the acquisition price of roughly $330 million represents a steep multiple—more than 20 times Letterboxd’s projected earnings for the year of about $15 million, Reuters reported. NYT spokesperson Charlie Stadtlander declined to comment on the transaction.
Rival Studios Dropped Out as Sale Price Climbed
As the price climbed during the sale process overseen by boutique investment bank LionTree, several other prominent suitors dropped out of the running. Film studios Sony Pictures Entertainment and A24 had both expressed interest in acquiring the platform. IndieWire reported that A24 was involved in late-stage talks and promised to maintain Letterboxd’s independence and business model, but ultimately was priced out as expectations rose. Representatives from LionTree, Letterboxd, the New York Times, and A24 did not immediately respond to requests for comment.
Founders Would Remain in Charge Under New Leadership
Letterboxd was founded in 2011 in New Zealand by Matthew Buchanan and Karl von Randow, who each own 20% of the company and serve as CEO and CTO respectively.
Gizmodo noted that under the discussions being considered, Buchanan and von Randow would remain in charge of the site, reporting directly to a Times Company executive. It remains unclear if the NYT bid includes the stakes held by the two co-founders. Two people familiar with the negotiations told the paper that the Times Company would integrate its advertising technology with Letterboxd’s systems while allowing the film platform to continue operating as a stand-alone site for the foreseeable future.
Growth of a Cinephile Community
Letterboxd has experienced rapid expansion, growing from 3 million users in January 2021 to 28 million by April 2026, with more than half of its audience under the age of 35.
The proposed purchase aligns with the New York Times Company’s broader strategy to expand its digital subscription offerings beyond core news. The publisher added 420,000 digital-only subscribers in the third quarter, pushing its total paid subscriber count to 13.8 million toward a stated goal of 15 million by the end of 2027.