On 5 November, Thursday, New York Times quoted two sorces close to the matter as saying that its eponymous parent company is holding exclusive talks for acquiring Letterboxd, a New Zeland’s cinema-lovers social network born in 2011, from Toronto-listed Tiny Ltd’s Tiny Fund for 330 million US Dollars. Reuters reported the story pointing out that the parties have not yet reached a final agreement.
In September 2023, Tiny Fund invested 36 million for purchasing 60% of Letterboxd, BeBeez data say (letter to Tiny’s shareholders and press release). The fund may fetch 198 million out of such a sale for a 5.5 gross return on its investment. However, the press reports did not explain whether the founders Matthew Buchanan and Karl von Randow aimed to sell their 40% of the business.
LionTree is handling such a sale. Further to the New York Times, Letterboxd attracted the interest of A24, Sony Pictures Entertainment, Netflix, Paramount, TPG, RedBird Capital Partners, and Alexis Ohanian (the cofounder of Reddit). TheWrap also said that Gigi Pritzker, the ceo of Madison Wells, and a pool of investors was interested in the target.
In April 2026, Semafor reported that Tiny tested the waters with The Ankler and Versant, the owner of CNBC and MS NOW. Intrinsic Entertainment Collaborative tabled a less than 300 million bid for preserving Letterboxd independence, Deadline reported.
A24 dropped the race as the vendor’s expected ask increased.
Letterboxd allows users to catalogue the films they watched, review them, rate them, create lists and share recommendations. The platform generates revenue through advertising, Pro and Patron subscriptions and commercial partnerships, and has also launched a digital film rental service.
As of 30 June, Tuesday, Letterboxd had 30.7 million members, for an annual growth of 43% (Tiny 2Q26 results). In October, the figure might be close to 35 million, TheWrap said.
Letterboxd 2026 expected ebitda is in the region of 15 million and it may reach 20 million in 2027.
In 3Q26, New York Times paying subscribers were less than 14 million ahead of a 15 million target by 2027. Letterboxd may help to expand the buyer’s range of digital products and advertising. According to rumours, the platform would retain its own brand and operate independently, with the two founders still at the helm, whilst The New York Times would integrate its own advertising technologies.
Major publishing groups and financial investors are showing increasing interest in vertical digital communities with loyal users and recurring revenue streams.
