New York Times and A24 Bid for Letterboxd

The New York Times Company and A24 have submitted second-round bids to acquire Letterboxd, a social film-review platform with 30 million users. The Canadian private equity firm Tiny is selling its 60% controlling stake in the company, which is now valued at approximately $300 million. This valuation represents a significant increase from the $50 million to $60 million range when Tiny first acquired the stake four years ago.

The bidding process has attracted a wide array of suitors, including Netflix, Sony Pictures Entertainment, Paramount Skydance, and Reddit co-creator Alexis Ohanian. The platform's appeal is driven by its strong 18-to-24 age demographic and projected 2026 earnings of $15 million. While a media acquisition by The New York Times Company would align with subscription models, analysts suggest a studio acquisition could create conflicts of interest regarding review independence.

In response to the corporate bidding war, a social benefit corporation called Intrinsic has entered the process. Intrinsic has launched a crowdfunding effort that has raised $103,000 to attract angel investors, arguing that the platform should be owned by movie lovers rather than a corporate entity. Founders Mat Buchanan and Karl von Randow retain a combined 40% stake and maintain a say in the final acquisition.