The movie-centric social community is alleged to be searching for new possession.
Letterboxd could have a brand new majority proprietor within the close to future, and a few eyebrow-raising names are among the many potential patrons. Netflix, Sony Photos, Paramount, personal fairness firm TPG and Reddit co-founder Alexis Ohanian are all within the combine, in accordance with Puck. A Semafor report from earlier this yr indicated Fandango and Rotten Tomatoes proprietor Versant was too.
Holding firm Tiny has seemingly been in talks with potential patrons for its stake within the social community for movie buffs. In 2023, Tiny bought 60 percent of Letterboxd at a reported valuation of $50 million. Letterboxd co-founders Matthew Buchanan and Karl von Randow nonetheless personal the rest, as Variety notes. Funding financial institution Liontree is alleged to be dealing with the newest sale course of, which reportedly pegs Letterboxd at a valuation of $250 million.
The social community has seen fast progress over the previous couple of years after blooming in recognition throughout COVID-19 lockdowns. In response to Deadline, Letterboxd had 6.5 million members as of August 2022. That determine has since reportedly grown to 30 million, with 10 million individuals becoming a member of final yr alone.
Had been the likes of Netflix, Sony Photos or Paramount to take over Letterboxd, that may elevate considerations a couple of battle of curiosity, as a significant movie studio and distributor could be the first proprietor of one of many key locations for folk to debate their output. Rotten Tomatoes confronted related scrutiny when it was beneath NBCUniversal’s umbrella. Whereas Warner Bros. Discovery (which Paramount may soon own) nonetheless holds a minority stake in Rotten Tomatoes, NBCU proprietor Comcast spun out the website together with its cable networks earlier this yr.
