The New York Times reportedly in talks to buy Letterboxd for $330 million

Summary

• The New York Times Company has entered exclusive negotiations to acquire Letterboxd for $330 million.
• Letterboxd is an online platform for movie lovers that grew from 3 million users in January 2021 to 28 million by April of this year.
• More than half of Letterboxd's users are under 35 years old.
• Film studios A24 & Sony were previously interested in acquiring Letterboxd, but A24 was priced out of the deal.
• Letterboxd operates on a free model with paid subscriptions for advanced features.
• Letterboxd's projected earnings for this year are estimated at $15 million.
• The projected earnings represent approximately 4.5% of the $330 million acquisition price.
• The New York Times Company declined to comment on the acquisition.