New York Times Pursues 330 Million Dollar Letterboxd Acquisition

The New York Times Company is in exclusive negotiations to acquire Letterboxd, a popular online film community, in a transaction valued at approximately $330 million. The proposed deal, reported on November 5, 2026, would expand the publisher's entertainment portfolio and strengthen its subscription-based business.

Two people familiar with the negotiations confirmed the discussions to The New York Times on condition of anonymity because the talks remain confidential. They said the acquisition has not been finalized and could still collapse.

The proposed valuation represents more than 20 times Letterboxd's projected earnings of approximately $15 million this year, according to the same sources.

The potential acquisition would give the Times Company access to Letterboxd's community of approximately 30 million movie enthusiasts. Users visit the platform to review films, recommend titles, organize personal filmographies, and participate in viewing challenges.

Founded in 2011, Letterboxd has attracted interest from several entertainment companies. Its parent company has been working with investment bank LionTree to explore a potential sale.

Among the interested parties were film studios A24 and Sony. However, A24 reportedly lost ground in the negotiations as the proposed purchase price increased, according to a person familiar with the discussions.

A24 had offered the founders assurances that the platform would retain its independence and existing business model under its ownership.

The Times Company has also discussed retaining Letterboxd co-founders Matthew Buchanan and Karl von Randow in leadership positions following a potential acquisition. Under the arrangement being considered, both founders would report to an executive at the Times Company, according to one person familiar with the negotiations.

The publisher is also considering integrating its advertising technology with Letterboxd's existing systems. However, the platform would likely continue operating independently for the foreseeable future, according to one of the people familiar with the discussions.

The acquisition would advance the Times Company's strategy of building a broader digital subscription business beyond traditional journalism. Over several years, the company has invested hundreds of millions of dollars in businesses covering sports, product recommendations, and digital entertainment.

Its previous acquisitions include The Athletic, a sports journalism outlet; Wirecutter, a product recommendation platform; and Wordle, the popular word game that became part of its games portfolio.

Letterboxd's business structure also aligns with the Times Company's existing revenue strategy, which combines subscriptions and advertising. Both companies rely on these revenue streams to support their digital platforms.

Although Letterboxd does not publicly disclose its number of paying subscribers, its established subscription business could support the publisher's expansion plans.

The Times Company currently has 13.8 million subscribers and aims to reach 15 million by the end of 2027. Adding Letterboxd to its portfolio could help the company pursue that target.

The Times Company declined to comment on the negotiations. Letterboxd co-founder Matthew Buchanan did not respond to a request for comment.