New York Times close to buying Letterboxd, the film buffs' social network
The New York Times is close to buying Letterboxd, a social network dedicated to cinema, for about $330 million. The news was reported in the newspaper itself, which cited sources close to the negotiations.
The New York Times is nearing a deal to buy Letterboxd, a social network for film enthusiasts, for approximately $330 million. The acquisition is part of the company's strategy to expand its offerings beyond journalism. Letterboxd, founded in 2011, has around 30 million users and generates an estimated $15 million in profit this year.
The New York Times Company has made several acquisitions in recent years, including The Athletic, Wirecutter, and Wordle. If the deal closes, Letterboxd is expected to continue operating independently.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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