Letterboxd would reportedly continue operations as a standalone site.
The company that owns The New York Times is in “exclusive negotiations” to purchase the cinephile online platform Letterboxd, anonymous sources told…The New York Times.The price being discussed is reportedly around $330 million, significantly more than the $250 million figure that was bandied around earlier this year. Discussions are ongoing and could still break down, the report states.
Letterboxd would reportedly continue operations as a standalone site for the “foreseeable future,” the NYT reported. However, the Times Company could introduce its own advertising technology into Letterboxd’s systems. (The New York Times Company declined to confirm the New York Times’ reporting.)
With its “social film discovery” tagline,Letterboxd allows members to create curated lists, diaries, logs, ratings and reviews of movies, while following other members’ activities— a Goodreads for movies, if you will. Though relatively small with 30 million members, Letterboxd is an influential online film site with a dedicated and active community that includes notable figures like Martin Scorsese. The site is projected to have $15 million in revenue for 2026.
The Canadian investment group Tiny purchased 60 percent of Letterboxd in 2023, but reportedly started seeking a sale in July this year at a valuation of around $250 million. The list of potential suitors at the time was a who’s who of Hollywood, with Netflix, Paramount and Sony Pictures all reportedly interested.
The New York Times Company is now in the mix at a higher price, and is arguably a better buyer because it wouldn’t pose a conflict of interest like those Hollywood studios. The Times Company also has a similar business model with a mix of ad and subscription revenue.
The NYT website currently has 13.8 million subscribers, with a goal to hit 15 million by the end of next year. Much of the site’s traffic is driven by its puzzle games like Wordle, along with recipes and its sports site,The Athletic. Letterboxd could fit neatly into that mix, offering readers a new way to discover and explore films.