New York Times perto de comprar o Letterboxd, a rede social dos cinéfilos
O New York Times está perto de fechar a compra do Letterboxd, uma rede social dedicada ao cinema, por cerca de US$ 330 milhões. A notícia saiu no próprio jornal, que citou fontes próximas às negociações.
The New York Times is reportedly close to purchasing Letterboxd, a social media platform for cinephiles, for approximately $330 million. The news was reported in the newspaper, citing sources close to the negotiations. The purchase price represents over 20 times the Letterboxd's projected profit for this year, around $15 million.
Tiny, the Letterboxd's parent company, a publicly traded Canadian firm, has been seeking a buyer since April, according to IndieWire. The deal is being structured by investment bank LionTree, which also approached other potential buyers. The New York Times has not decided if it will retain co-founders Matthew Buchanan and Karl von Randow at the helm.
Launched in 2011, Letterboxd has around 30 million users who rate and recommend films, create personal movieographies, and complete monthly challenges. The company does not disclose how many users pay for its monthly subscription. The acquisition is part of the media company's strategy to offer products beyond journalism. Over the past years, the New York Times Company spent hundreds of millions on acquisitions such as The Athletic, a sports coverage site, Wirecutter, product recommendation recommendations, and the Wordle game, which was integrated into the company's gaming app.
Another firm that examined Letterboxd was Sony Pictures, which has been purchasing businesses related to film enthusiasts, such as the Alamo Drafthouse cinema chain and the iconic Cinerama Dome in Los Angeles. Independent studio A24 also made an offer but withdrew as the price rose. Letterboxd operates on a business model similar to the newspaper, combining subscription and advertising revenue.
Therefore, if the deal goes through, the NYT will likely integrate its advertising technology into Letterboxd's systems, which is expected to continue operating independently in the near future. The New York Times has 13.8 million paying subscribers, with a goal to reach 15 million by the end of 2027 – a target that could be boosted by the addition of Letterboxd to the company's ecosystem. So far this quarter, the newspaper added 420,000 online subscribers.
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