New York Times Co. nears $330 million deal to buy film social network Letterboxd

The New York Times Company is in exclusive negotiations to buy Letterboxd, the social network built around film fans, in a deal that would value the site at about $330 million.

The Times reported the talks on Thursday. No agreement has been reached, and the negotiations could still fall apart. According to the newspaper, the price works out to more than 20 times Letterboxd's projected 2026 earnings of roughly $15 million.

Deadline confirmed that the talks were advanced and reported that A24, the only other bidder still in contention, is out of the running.

The Times Company would acquire its controlling stake from Tiny, the Canadian company that bought 60% of Letterboxd in 2023, when the site was valued at $50 million. Tiny began exploring a sale in April and hired the boutique investment bank LionTree to run the process.

Several larger companies looked at the site along the way. Deadline reported that Netflix, Sony and the former Paramount were among the early suitors, but most dropped out as the price climbed. IndieWire reported that Sony Pictures Entertainment and A24 were the finalists alongside the Times. Sony has been buying outlets popular with film enthusiasts, including Alamo Drafthouse Cinemas and Cosm.

According to IndieWire, A24 had reached late-stage talks and told Letterboxd's founders it would keep the site independent and leave its business model unchanged.

At least one would-be buyer is still circling. Intrinsic Entertainment, a nonprofit, told Deadline it has gathered a group of like-minded investors and was several weeks away from making a $300 million offer.

Founders could stay on

Letterboxd was co-founded by CEO Matthew Buchanan and CTO Karl von Randow, who are based in New Zealand. Each still owns 20% of the company. Deadline reported that it is not clear whether the Times bid covers their stakes. When Tiny began the sale process, Letterboxd said the two founders would have a say in any decision about the company's future.

The Times reported that the negotiations have included keeping Buchanan and von Randow in charge, with each reporting to a Times Company executive. Under that plan, Letterboxd would likely operate as a standalone business for the "foreseeable future," according to the newspaper. The site would also adopt the Times Company's advertising technology.

What Letterboxd brings

Letterboxd has expanded considerably under Tiny's ownership. IndieWire put its audience at 26 million users. Alex Michael, a senior managing director at LionTree, gave a higher figure at a recent FT conference. He called the site "a phenomenon" that draws 30 million monthly users "with zero paid marketing." The company does not disclose how many users pay for a subscription.

The site offers paid tiers called Pro and Patron. They remove ads and add customization options and viewing statistics. Letterboxd also runs a Video Store that rents lesser-known films and recent festival titles digitally. Its Four Favorites social media segments have repeatedly gone viral. Some features the company has promised, including the ability to log TV shows, have not yet arrived.

In its analysis of the deal, IndieWire suggested the Times could tie Letterboxd to its film and TV reviews or its Watching blog. It also floated bundling the paid tiers with Times subscriptions such as The Athletic, Cooking and Games. IndieWire noted that the Times is aiming for 15 million paid subscribers by the end of 2027 and currently has 13.8 million.

A purchase would be the latest in a series of acquisitions by the Times Company. It bought Wordle for an amount in "the low seven figures," Wirecutter for "slightly more than $30 million" and The Athletic for $550 million.

Times spokesperson Charlie Stadtlander declined to comment to The Verge. Letterboxd and Tiny did not immediately respond to The Verge's request for comment. Representatives for LionTree, Letterboxd, the Times and A24 did not immediately respond to Deadline.