From TechCrunch · Amanda Silberling · · 1m 10s
Times in talks to buy Letterboxd for $330 million
The New York Times Company has reportedly entered exclusive negotiations to acquire the movie review platform Letterboxd for $330 million.
In brief
The New York Times Company has reportedly entered exclusive negotiations to acquire the movie review platform Letterboxd for $330 million. The New York Times Company is reportedly in exclusive talks to buy Letterboxd, a movie review platform with 28 million users, for $330 million. Originally reported by TechCrunch.
Times in exclusive talks for Letterboxd
The New York Times Company has reportedly entered exclusive negotiations to acquire Letterboxd for $330 million, according to a report from The New York Times itself.
Letterboxd's rapid user growth
Letterboxd, a movie review platform comparable to Goodreads for films, reported 3 million users in January 2021, growing to 28 million by April of this year. More than half its users are under 35.
Other studios competed for the deal
Film studios A24 and Sony were interested in acquiring Letterboxd, but A24 was priced out of the negotiations, according to the Times.
Letterboxd's earnings versus purchase price
Letterboxd is free with paid subscription options for advanced features. Its projected earnings for this year are estimated at $15 million, only about 4.5% of the $330 million purchase price.
In short
The New York Times Company is reportedly in exclusive talks to buy Letterboxd, a movie review platform with 28 million users, for $330 million.
