The New York Times Company has entered exclusive negotiations to acquire Letterboxd for $330 million, according to a report published by The New York Times itself. The talks, if completed, would put the movie-focused social platform under the ownership of the newspaper's parent company. The New York Times Company declined to comment on the acquisition to its own paper.
Letterboxd is an online platform for movie lovers that has drawn comparisons to Goodreads for movies. The company reported 3 million users in January 2021, a figure that grew to 28 million by April of this year. More than half of its users are under 35.
Letterboxd had previously been reported to be seeking a new owner. According to the Times, film studios A24 and Sony were interested in the acquisition, but A24 was priced out.
Letterboxd is free to use, with advanced features available through a paid subscription. Its projected earnings for this year are estimated at $15 million, which is only about 4.5% of the $330 million the Times is supposedly offering to buy the company for.
The report originates from the Times' own newsroom, and the Times Company declined to comment to its own paper on the talks.
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