NY Times in Talks to Acquire Letterboxd for $330M
The New York Times Company has entered exclusive negotiations to purchase Letterboxd, a social platform for film enthusiasts, for an estimated $330 million. Letterboxd, which offers a free service with optional paid subscriptions for advanced features, reported 28 million users in April, up from 3 million in January 2021, with more than half under age 35. The Times did not comment on the potential acquisition. Film studios A24 and Sony were also reported to have shown interest, though A24 was priced out of the deal. Letterboxd’s projected earnings for the current year are about $15 million, roughly 4.5% of the reported purchase price.
Why it matters
A major media company acquiring a fast-growing film-social network could reshape how entertainment data is integrated into news platforms.
FAQ
What is the reported purchase price for Letterboxd?
The New York Times Company is reported to be negotiating a $330 million acquisition of Letterboxd.
How many users does Letterboxd have as of April this year?
Letterboxd reported 28 million users in April.
What are Letterboxd’s projected earnings for the year?
Letterboxd’s projected earnings for the year are estimated at $15 million.
Which film studios were said to be interested in buying Letterboxd?
Film studios A24 and Sony were reported to be interested, though A24 was priced out.
Source: TechCrunch. See the original source for full details.
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