The New York Times Company is in exclusive negotiations to acquire Letterboxd, the social network for film lovers, for approximately $330 million, according to reporting by The New York Times. Sony Pictures Entertainment and A24 had also been rumored as potential buyers.
Under the proposed deal structure, Letterboxd's co-founders could remain in charge but would report to a Times Company executive. Letterboxd would likely stay standalone for the "foreseeable future" and would integrate the Times Company's ad tech.
NYT spokesperson Charlie Stadtlander declined to comment. Letterboxd and parent company Tiny Ltd. did not immediately respond to requests for comment.
The potential acquisition would add to The Times Company's recent purchases of Wordle (in a deal in "the low seven figures"), Wirecutter ("slightly more than $30 million"), and The Athletic ($550 million).