DIGITAL ECONOMY · SUMMARY
The New York Times reportedly negotiating to acquire Letterboxd
TechCrunch and The Verge relay exclusive negotiations reported by the New York Times to acquire Letterboxd for around $330 million. The potential deal would bring together a media group and a community platform dedicated to film.
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The New York Times Company is reportedly in exclusive negotiations to buy Letterboxd for around $330 million. TechCrunch and The Verge relay this information published by the New York Times itself. Their coverage therefore draws on the same source; it does not constitute independent confirmation of an agreement.
Letterboxd is a social platform dedicated to film. According to figures reported by TechCrunch, it had 3 million users in January 2021, rising to 28 million in April of this year. More than half of its users are under 35. The service is free and also offers advanced features through a paid subscription.
The Verge reports that the discussions have considered keeping the co-founders in charge, reporting to a Times Company executive. The scenario described also includes integrating the group's advertising technologies. These remain potential negotiating terms, with no established commitment in the available documents.
The business appeal could lie in combining a specialist community, subscriptions and advertising revenue. Audience figures alone do not, however, allow an assessment of profitability or user loyalty. A Times spokesperson declined to comment to The Verge; Letterboxd and its parent company Tiny Ltd. had not immediately responded. The transaction remains to be confirmed.