The New York Times is in talks to buy Letterboxd for around $330 million
The New York Times Company is in talks"exclusive negotations" to acquire Letterboxd, the social network for film lovers, for around $330 million, The New York Times reports. The Times Company, Sony Pictures Entertainment, and A24 were all recently rumored to be among those interested in buying Letterboxd. The negotiations with the Times Company have included […]
Rumors have been circulating about a potential acquisition of Letterboxd, a social network catering to film enthusiasts, by The New York Times Company. According to recent reports from The New York Times, the media conglomerate is in exclusive negotiations to purchase Letterboxd for approximately $330 million. In addition to The New York Times Company, Sony Pictures Entertainment and A24 have also been rumored as potential buyers.
During these discussions, there have been talks about the possibility of Letterboxd's co-founders retaining their leadership positions, reporting to a senior executive from The New York Times Company. The acquisition is expected to maintain Letterboxd as an independent entity for the foreseeable future, with the potential integration of the company's ad technology into The New York Times' existing systems.
A spokesperson from The New York Times declined to provide further comment on the matter, while Letterboxd's parent company, Tiny Ltd., has not yet responded to requests for information. If The New York Times proceeds with the acquisition, it would join a list of significant deals, including the purchase of Wordle for a deal "in the low seven figures," Wirecutter for slightly over $30 million, and The Athletic for $550 million.
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