The New York Times Company has entered exclusive negotiations to acquire Letterboxd, the social network for film lovers, for roughly $330 million. The report comes from the New York Times itself, and was picked up by Techmeme, The Verge and TechCrunch.
If the deal goes through, it would be one of the Times' biggest consumer-tech purchases, following Wordle, Wirecutter and The Athletic. News of the talks ends months of rumors that had also linked Sony Pictures Entertainment and A24 to the popular film-logging platform.
Letterboxd acquisition details
The reported price tag sits at around $330 million, according to both the Times and TechCrunch. Sony Pictures Entertainment and A24 were previously named as interested buyers, but the Times reports A24 was priced out as expectations rose.
The talks reportedly include an option for Letterboxd's co-founders to stay in charge while reporting to a Times Company executive. The platform would likely remain standalone for the "foreseeable future," and the Times would look to integrate its own advertising technology.
- Reported price: around $330 million
- Buyer: The New York Times Company, in exclusive negotiations
- Other interested parties: Sony Pictures Entertainment and A24, with A24 reportedly priced out
- Planned structure: Letterboxd stays standalone; co-founders may remain, reporting to a Times executive
