Netflix, Sony, Paramount in Talks to Acquire Letterboxd

Letterboxd, the popular social platform for movie enthusiasts, is reportedly in sale talks with multiple major buyers, including Netflix, Sony Pictures, and Paramount, according to industry newsletter Puck. The platform is majority-owned by Canadian holding company Tiny, which acquired a 60% stake in 2023, with co-founders Matthew Buchanan and Karl von Randow owning the remaining 40%. A valuation of $250 million has been floated. Other potential buyers include private equity firms TPG and Redbird, as well as Reddit co-founder Alexis Ohanian. Letterboxd currently has over 26 million users worldwide, with a surge during the pandemic. The app is particularly popular among 18- to 35-year-olds and features celebrity users like Charli xcx, Ayo Edebiri, and Martin Scorsese. Its Four Favorites video series attracts Hollywood A-listers such as Kate Winslet, Dustin Hoffman, and Uma Thurman. Tiny has also discussed a potential acquisition with Comcast's parent company Versant. In December, Letterboxd launched an in-app video rental store focusing on niche arthouse titles. The platform's narrow focus on cinema, without messaging or photo posting, is cited as a key draw.