Netflix Eyes Letterboxd Acquisition
Netflix is in talks to buy Letterboxd, a social media site for movie discussion, alongside other suitors, with a reported valuation of $250 million.
Key points
- Letterboxd, founded in 2011, has over 30 million users and is a major platform for online cinema discussion.
- Tiny, which owns 60% of Letterboxd, is considering selling its shares after acquiring them in a $50 million deal in 2023.
- Other companies interested in acquiring Letterboxd include Sony Pictures, Paramount, and private equity groups like TPG and RedBird.
- The potential acquisition has sparked a crowdfunding campaign by Intrinsic Entertainment Collaborative to prevent the platform from being purchased and altered.
- The reported valuation of $250 million is considered high by some analysts, given Letterboxd's relatively low revenue.
Letterboxd, a social media site for movie enthusiasts, is reportedly up for sale, with several companies expressing interest in acquiring it. Founded in 2011, Letterboxd has accumulated over 30 million users and become a significant platform for online cinema discussion. The company's current owner, Tiny, acquired a 60% stake in Letterboxd in 2023 for $50 million and is now considering selling its shares. Netflix is among the companies in talks to buy Letterboxd, alongside other Hollywood suitors like Sony Pictures and Paramount, as well as private equity groups. The potential acquisition has sparked concerns among users, with some launching a crowdfunding campaign to prevent the platform from being altered.
Sources
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