New York Times in talks to buy Letterboxd
The gist
The New York Times Company entered exclusive negotiations to acquire movie social platform Letterboxd for roughly $330 million.
The deal would extend the Times' subscription-and-ads buying spree to a 35-million-user film community.
How it unfolded
- 2021 -01Letterboxd reported 3 million users.
- 2023Canadian holding company Tiny acquired a 60% stake in Letterboxd in a deal valuing the platform at $50 million to $60 million; the co-founders kept the remaining 40%.
- 2026 -04Letterboxd users grew to 28 million, with more than half under 35.
Key terms
- EBITDA
- A company's operating profit before interest, taxes, depreciation, and amortization, often further adjusted for certain costs.
- investment bank
- A financial institution that advises companies and governments on raising capital, mergers, and securities trading.
- holding company
- A company whose main purpose is to own controlling shares in other companies rather than produce goods itself.
Source: Wikipedia