A24, New York Times Join $300M-Plus Race to Buy Letterboxd

A24 and The New York Times have joined the growing race to buy Letterboxd as the film-focused social platform heads toward a sale that could value it at more than $300 million.

The two companies have expressed interest in acquiring Letterboxd, according to reports citing people familiar with the sale process. They join a field that has included Sony Pictures Entertainment, Netflix, Paramount Skydance, private equity firm TPG, and Reddit co-founder Alexis Ohanian.

The potential price represents a dramatic jump from 2023, when Canadian holding company Tiny acquired a 60% stake in Letterboxd in a deal that valued the business at roughly $50 million to $60 million.

Tiny has hired investment bank LionTree to explore a sale of its controlling interest. Letterboxd founders Matthew Buchanan and Karl von Randow retain the remaining 40% and have continued to lead the company.

Any deal is expected to value Letterboxd above $300 million, according to The New York Times. That would put the platform at roughly 20 times its projected 2026 earnings of about $15 million and more than five times the valuation attached to the company three years ago.

The price reflects rapid growth in Letterboxd’s audience. Tiny reported that the platform reached 30.7 million members by the end of the second quarter of 2026, up 43% from a year earlier and nearly triple its membership when Tiny invested in the company.

Letterboxd had just 1.8 million members in 2020.

Founded in New Zealand in 2011, the platform allows users to log, rate and review films, build lists and follow the viewing activity of other members. Most users access the service for free, while Letterboxd also earns money from advertising and paid Pro and Patron memberships.

The company has expanded beyond its original movie-diary format as its audience has grown, adding editorial content and a digital rental service for films that can be difficult to find on major streaming platforms.

A sale to a studio or streaming company could place Letterboxd under the control of a business that also produces or distributes films reviewed and ranked by its users.

Sony, Netflix and Paramount have all reportedly explored a possible acquisition. A24, one of the newest companies linked to the process, produces and distributes films that regularly attract the young, highly engaged movie audience that helped drive Letterboxd’s growth.

The New York Times presents a different type of potential buyer. The media company has expanded through acquisitions of subscription and consumer brands including The Athletic and Wirecutter, businesses that continue to operate as recognizable products within the company’s larger portfolio.

The ownership structure also means Tiny is not the only party with a stake in Letterboxd’s future. When reports of a possible sale first emerged, the company said any decision about its future would involve its founders.

Tiny invested $36 million for its 60% position in 2023, according to the company’s shareholder disclosures. Buchanan and von Randow remained in charge after the transaction, with Tiny saying at the time that Letterboxd would continue operating independently.

The current process could produce a substantially larger return on that investment if a buyer agrees to a valuation above $300 million.

No buyer has been announced, and reported interest does not guarantee a transaction will be completed. A24 declined to comment on the reports, while The New York Times said it regularly reviews potential investments but does not comment on acquisition speculation.

Letterboxd’s next owner would be acquiring more than a rapidly growing film database. The platform has developed into a large social community whose reviews, rankings and recommendations increasingly shape online conversation around movies, helping explain why companies across film, streaming, media and private investment are competing for a closer look.