The New York Times is about to complete its acquisition of Letterboxd A $330 million deal that could change the platform's future forever

Letterboxd was founded in 2011 by Matthew Buchanan and Karl von Randow, two young New Zealanders who wanted to log and review online every film they had ever seen. Since then, the platform has exploded in popularity and today counts approximately 30 million users. In 2023, 60% of the platform was acquired by Canadian investment firm Tiny, while Buchanan and von Randow retained the remaining 40% and continued to serve in executive leadership. Letterboxd's story, however, appears set to change: in early October, rumors about a possible sale of the platform intensified, and in the past few hours the New York Times, Deadline and Variety have confirmed that the New York Times Company has entered into exclusive negotiations for its acquisition.

Other companies tried their hand

The New York Times would reportedly be prepared to spend $330 million on Letterboxd — that is, more than twenty times the platform's projected earnings for 2026 (estimated at $15 million). In 2023, when it was acquired by Tiny, the platform was valued at $50 million. According to the New York Times, should the deal go through, Buchanan and von Randow would remain at the helm of the company, reporting to an executive within the publishing group.

Among those previously interested in acquiring the platform were Netflix, Sony Pictures, Skydance (which encompasses Paramount Skydance and Warner Bros. Discovery) and American investment fund TPG. Independent film studio A24 had also expressed interest in the deal, but withdrew once the asking price climbed too high.

Why the New York Times

In 2023, the New York Times had described Letterboxd as "an oasis amid the swamp of social media." The acquisition of the platform by the New York-based group would indeed make a great deal of sense, given that it already owns sites such as Wirecutter, for product recommendations and reviews, and Wordle, a daily digital puzzle. Adding Letterboxd would broaden the New York Times' offering, allowing it to diversify its revenue streams and grow its subscriber base beyond traditional journalism.

The New York Times' current goal would therefore appear to be building an ecosystem of digital services capable of capturing a wide range of interests — a strategy that in recent years has also led the group to acquire The Athletic, an online sports outlet purchased in 2022 for $550 million. What remains uncertain, however, is the future success of a Letterboxd that is no longer independent: will it manage to stay relevant once the New York Times integrates its advertising technology into the platform?