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

The New York Times Company has reportedly “entered exclusive negotiations” to acquire Letterboxd for $330 million, according to a study from the New York Times itself.

Letterboxd, an online level for movie lovers that could beryllium compared to Goodreads for movies, has grown dramatically successful caller years. Letterboxd reported 3 cardinal users successful January 2021, a fig that grew to 28 cardinal by April of this year. More than fractional of its users are nether 35.

Letterboxd was previously reported to beryllium seeking a caller owner. According to the Times, movie studios A24 and Sony were funny successful the acquisition, but A24 was priced out.

Letterboxd is free, but users tin entree precocious features with a paid subscription. Its projected net for this twelvemonth are estimated astatine $15 million, which is lone astir 4.5% of what the Times is supposedly offering to bargain the institution for.

The New York Times Company declined to remark connected the acquisition to its ain insubstantial (lol). Personally, we wouldn’t beryllium amazed if these anonymous tips were coming from wrong the house, truthful we’re inclined to instrumentality this study beauteous seriously.