The New York Times Company has reportedly “entered into exclusive negotiations” to acquire Letterboxd for $330 million, according to a report from the New York Times itself.
Letterboxd, an online platform for movie lovers that can be compared to Goodreads for movies, has grown dramatically in recent years. Letterboxd reported 3 million users in January 2021, a number that grew to 28 million by April this year. More than half of its users are under 35.
Letterboxd was previously reported to be looking for a new owner. According to the Times, film studios A24 and Sony were interested in the acquisition, but A24 was priced out.
Letterboxd is free, but users can access advanced features with a paid subscription. His projected earnings for this year are estimated at $15 million, which is only about 4.5% of what the Times is offering to buy the company.
The New York Times Company refused to comment on the acquisition to their own paper (lol). Personally, we wouldn’t be surprised if these anonymous tips came from inside the house, so we’re inclined to take this report pretty seriously.