New York Times in talks to buy Letterboxd for about $330M

The company that owns The New York Times is reportedly in "exclusive talks" to buy Letterboxd, the online platform beloved by film fans. According to sources who spoke on condition of anonymity, the figure under discussion is about $330 million, well above the $250 million valuation that circulated earlier this year.

The talks are said to be ongoing, and the deal could still collapse. The New York Times Company declined to confirm the report, so nothing has been signed or officially announced; what exists so far is a negotiation described by sources.

What happens to Letterboxd if the deal goes through?

According to the reports, Letterboxd would continue to operate as an independent site for the foreseeable future, so the platform is not expected to be folded under another brand right away. The New York Times Company could, however, integrate its own advertising technology into Letterboxd's systems.

Letterboxd runs under the tagline "social film discovery." Members can build carefully curated lists, diaries, logs, ratings and reviews for films, and follow what other members are doing. In short, it does for movies what Goodreads does for books.

A small but influential community

The platform has 30 million members, which is relatively modest. Even so, Letterboxd has an influential, engaged community in the online film world, one that includes well-known figures such as Martin Scorsese. The site is projected to bring in $15 million in revenue in 2026, which means the reported $330 million price is far above its annual revenue.

The Canadian investment group Tiny bought 60 percent of Letterboxd in 2023. The group reportedly began seeking a sale in July this year at a valuation of about $250 million. At the time, Hollywood heavyweights including Netflix, Paramount and Sony Pictures were reported to be among potential buyers.

Why The New York Times Company?

Unlike the Hollywood studios, the New York Times Company would not create a conflict of interest, which makes it a more natural buyer. Its revenue model also resembles Letterboxd's: a mix of advertising and subscriptions.

The New York Times website currently has 13.8 million subscribers, with a goal of reaching 15 million by the end of next year. Much of its traffic comes from puzzle games such as Wordle, recipes and the sports site The Athletic. Letterboxd could fit into that mix and offer readers a new way to discover films.