The New York Times Is Closing In on Letterboxd, and the Price Tag Is Staggering

Letterboxd has gone from a cozy corner of the internet for film nerds to one of the hottest properties in digital media, and the race to own it has drawn some very big names. The New York Times Company was previously said to be competing with Sony and A24 to buy the site, and now that battle seems to have a clear frontrunner.

The platform’s growth explains the interest. Launched in 2011 by Matthew Buchanan and Karl von Randow, Letterboxd has grown rapidly since 2020, reaching 30 million users, and it’s especially popular among Gen Z film fans. For comparison, it had 1.8 million members in 2020 and 4.1 million in 2021.

The latest twist came straight from the would-be buyer’s own newsroom. The New York Times Company is in exclusive talks to acquire Letterboxd in a deal valued at about $330 million, the New York Times reported, citing 2 people familiar with the discussions. The Times declined to comment; no agreement has been reached, and negotiations could still fall apart.

The price is eye-popping when you look at where Letterboxd was just a few years ago. Canadian holding company Tiny acquired a 60% stake in 2023 in a deal valuing the platform at $50 million to $60 million.

The new figure is also aggressive by industry standards. It represents roughly 22 times Letterboxd’s projected earnings before interest, taxes, depreciation, and amortization of $15 million, a valuation multiple more common in flashy tech deals than in media acquisitions.

The bidding war had some fascinating contenders. The Times prevailed over finalists Sony Pictures Entertainment, which has been buying cinephile-friendly brands like Alamo Drafthouse Cinemas, and A24, which has long rivaled Letterboxd’s cultural cachet among young film lovers. A24 had promised to let the platform operate independently, but dropped out as the asking price climbed.

The Times may not be the last bidder standing, either. A nonprofit called Intrinsic Entertainment told Deadline it had assembled a group of like-minded investors and was several weeks away from making a $300 million offer.

For longtime users, the biggest question is whether the site will change. The Times Company and Letterboxd have discussed keeping Buchanan and von Randow in charge, with the founders reporting to a Times Company executive. The film platform would also likely keep operating as a standalone site for the foreseeable future, while the Times integrates its advertising technology with Letterboxd’s systems.

That echoes the promise made the last time it changed hands. When Tiny bought in, the press release said the founders “will continue to lead the business independently”, and the team stayed in Auckland.

Not everyone is convinced the fit is perfect. IndieWire noted that the Times could provide scale, but at the risk of making the platform seem a little less cool and independent to its highly discerning user base.

For the publisher, Letterboxd fits a clear strategy. The Times wants to reach 15 million paid subscribers by the end of 2027 and currently has 13.8 million. The deal would add roughly 30 million film-obsessed users to a growing portfolio of subscription brands that already includes The Athletic, Wirecutter and Wordle.

The possibilities are easy to imagine. Gizmodo pointed to crossover features like Letterboxd and NYT subscription deals, modules in film sections, or inclusion with trivia apps. Bankers clearly see the appeal too, as one LionTree executive recently described the platform as a phenomenon that draws 30 million monthly users without any paid marketing.

Whether the Times seals the deal or a late bidder swoops in, Letterboxd’s journey from indie passion project to coveted asset is already one of the more remarkable stories in film culture.

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