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

The New York Times Company is in exclusive talks to buy Letterboxd, the social network for film fans, for around $330 million, according to a report by the New York Times itself.

The newspaper's report said the talks have included a plan that would let Letterboxd's co-founders stay on, but with them reporting to an executive at the Times Company. Letterboxd would likely keep operating as a separate service for now. The Times Company would also bring its advertising technology into the platform.

The Times Company's spokesperson, Charlie Sta..., was quoted in the report, but the rest of the statement was cut off in the source. Neither company has publicly confirmed a deal.

Rival bidders

Sony Pictures Entertainment and A24, the film studio, were also recently rumoured to be among the companies interested in buying Letterboxd. The reports do not say whether either is still in the running.

Background

Letterboxd lets users log the films they watch, rate them and follow friends' lists. It has grown quickly in recent years, drawing in a large base of movie lovers. Its value has been reported as a point of interest for media and entertainment firms looking for a stronger hold on film audiences.

For readers in India, the deal would matter most as a sign of how legacy media groups are moving into online fan communities. Letterboxd is widely used by cinephiles, and any change in ownership could affect how the app handles ads and data.

What happens next is not yet known. Neither the Times Company nor Letterboxd has said when a deal could be signed, or whether talks will succeed.