Letterboxd could command a valuation of more than $300 million as interest in acquiring the film-review and social platform expands to include A24 and The New York Times.
The independent studio and the media company have emerged as the latest prospective buyers said to have expressed interest in Letterboxd, which has been fielding inbound acquisition offers for several months. Anonymous sources have identified both companies as potential suitors, although neither has confirmed plans to pursue a deal.
The anticipated price is said to exceed $300 million. Based on Letterboxd’s projected 2026 earnings of roughly $15 million, that valuation would represent about 20 times its expected earnings.
A24 declined to comment. Representatives for Letterboxd did not immediately respond to a request for comment.
Katie Hill, The New York Times’ senior vice president and global head of communications and external affairs, also stopped short of confirming acquisition interest.
“The company regularly reviews potential investments, and it’s our policy not to comment on speculation about potential acquisitions or divestitures,” Hill said.
A crowded field of possible buyers
A24 and The New York Times join a wide-ranging group of companies and investors said to have explored a possible Letterboxd acquisition. That group includes Netflix, Sony Pictures Entertainment, Paramount Skydance, private-equity firm TPG and Reddit co-creator Alexis Ohanian.
The level of interest reflects Letterboxd’s substantial growth. Founded in 2011 and based in New Zealand, the service now has more than 30 million members around the world and caters to a dedicated community of movie enthusiasts.
Letterboxd has also expanded beyond its core social and film-review features. The company launched an online video-rental service featuring independent movies, including previously unreleased titles.
The platform’s ownership has already changed significantly in recent years. Canadian holding company Tiny acquired a 60% stake in Letterboxd in 2023, when the business was valued at between $50 million and $60 million. Co-founders Matthew Buchanan and Karl von Randow continue to own the remaining 40%.
A transaction valuing Letterboxd above $300 million would therefore mark a major increase from the valuation attached to Tiny’s investment three years earlier.
Ownership could raise independence questions
The identity of any eventual buyer could prove especially important to Letterboxd’s users. If a film studio or streaming company acquired the service, the deal could create at least the perception of a conflict of interest, with members potentially questioning whether the new owner might favor its own movies on the platform.
Rotten Tomatoes offers a previous example of the independence concerns that can arise when a movie-focused service is tied to a major entertainment company. The site was part of NBCUniversal for years, prompting questions about its separation from the company’s entertainment operations. Rotten Tomatoes is now part of Versant Media, which was spun off from NBCUniversal earlier in the year.
Letterboxd previously addressed the growing acquisition speculation in July without identifying any specific buyer or confirming a transaction.
“As Letterboxd has grown, it’s natural there will be interest in what we do next,” a company spokesperson said at the time. “There’s nothing specific for us to share at this time. Any decision about Letterboxd’s future would involve the founders.”
What Happens Next?
With multiple studios, media companies, investors and streaming businesses said to have considered Letterboxd, the platform has several possible paths. No specific transaction has been confirmed, and the company’s July statement made clear that Buchanan and von Randow would be involved in any decision about its future.
For now, the expanding list of possible buyers—and a potential price above $300 million—puts Letterboxd at the center of what could become a highly competitive entertainment-industry sale.