The New York Times Company is in exclusive negotiations to acquire the online movie buff community Letterboxd, the Times reported Thursday.
\n\nThe price is reported to be about $330 million, which amounts to more than 20 times Letterboxd’s projected earnings for 2026 of about $15 million. The New York Times said that the deal was not yet final.
\n\nVariety reported in September that the New York Times and A24 were among the bidders for the company, with Netflix, Sony Pictures Entertainment, Skydance, private-equity giant TPG and Reddit co-creator Alexis Ohanian also expressing interest.
\n\nCo-founders Matthew Buchanan and Karl von Randow are expected to remain in charge, reporting to a N.Y. Times executive, the report said.
\n\nA24 had promised independence in operating the site, but dropped out when the price rose, according to the report. Letterboxd numbers some 30 million film-obsessed users who use the site to keep track of what they have watched and rate the titles with a star system. Last year, Letterboxd also launched an online film-rental platform that is available in 23 countries.
\n\nThough Letterboxd’s core features are free to users, the app offers a paid Pro tier for $19 a year that removes ads and provides…
Original source: https://variety.com/