The New York Times company has reportedly “entered into exclusive negotiations” to acquire Letterboxd for $330 million, according to a report from the New York Times itself.
Letterboxd, an online platform for movie buffs that could be compared to Goodreads for movies, has seen dramatic growth in recent years. Letterboxd had 3 million users in January 2021, a figure that increased to 28 million in April this year. More than half of its users are under 35 years old.
Letterboxd has reportedly already been looking for a new owner. According to the Times, film studios A24 and Sony were interested in the acquisition, but A24’s price tag was ruled out.
Letterboxd is free, but users can access advanced features with a paid subscription. Its projected profits for this year are estimated at $15 million, which is only about 4.5 percent of what the Times is believed to be offering to buy the company for.
The New York Times Company declined to comment on the acquisition in its own newspaper (lol). Personally, we wouldn’t be surprised if this anonymous information came from inside the house, so we’re inclined to take this report very seriously.
Gn entert
