A24, New York Times Enter the Fray to Buy Letterboxd for Over $300 Million
Other interested suitors reportedly include Sony, Netflix, Paramount, private equity firms RedBird and TPG and media investor Alexis Ohanian The post A24, New York Times Enter the Fray to Buy Letterboxd for Over $300 Million appeared first on TheWrap .
A24 and the New York Times are among the contenders seeking to purchase Letterboxd for more than $300 million, as per a report in The New York Times. A representative for A24 did not provide any comment on the matter. In a statement to The Wrap, Katie Hill, the NYT SVP, Global Head of Communications and External Affairs, reiterated that the company routinely evaluates potential investments and does not comment on speculation regarding possible acquisitions or divestitures.
Other entities that have engaged in preliminary discussions include Sony, Netflix, Paramount, private equity firms RedBird and TPG, as well as Alexis Ohanian, the co-founder of Reddit and Seven Seven Six. According to Puck, Letterboxd is primarily owned by the Canadian holding company Tiny, which acquired a 60% stake in the platform for a deal valued between $50 million and $60 million in 2023.
Matthew Buchanan and Karl von Randow collectively hold the remaining 40% of the company. As of May, Letterboxd boasted over 29 million members worldwide. The prospect of a sale emerged after Semafor reported in April that Tiny had engaged in talks with Versant and Ankler about potentially acquiring the platform, although they were unable to reach a mutually agreeable sales agreement with Ankler.
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