New York Times Company Negotiates $330 Million Letterboxd Acquisition

The New York Times Company has entered exclusive negotiations to acquire Letterboxd, a social community for film enthusiasts, for approximately $330 million. The deal price represents more than 20 times the social network's projected annual earnings of $15 million. This acquisition is part of a strategic effort by the Times Company to diversify its subscription and advertising-based products beyond traditional news reporting.

The company faced competition from other suitors, including Sony and the film studio A24, though A24 was reportedly edged out as the acquisition price rose. The New York Times Company plans to integrate its advertising technology with Letterboxd's systems to leverage the platform's 30 million engaged users. This move supports the company's broader objective of reaching 15 million total subscribers by the end of 2027.

If the transaction is finalized, Letterboxd will continue to operate as a stand-alone site. Co-founders Matthew Buchanan and Karl von Randow are expected to remain in charge of the platform's operations.