A24, Sony Pictures Entertainment, and The New York Times Company are reportedly exploring an acquisition of movie social platform Letterboxd. The potential deal values the network at more than $300 million. Letterboxd currently maintains a user base of approximately 30 million enthusiasts.
Canadian holding company Tiny, the majority owner of Letterboxd, hired investment bank LionTree to manage the sale process. The platform offers media companies direct access to a highly engaged, film-focused audience.
A24 and Sony seek direct access to dedicated movie fans through the acquisition. The New York Times views the deal as a strategic expansion of its digital subscription portfolio beyond news.