A24 and the New York Times have expressed interest in acquiring Letterboxd, the film-reviews and social platform, according to a New York Times report citing anonymous sources. Any deal is "expected to value Letterboxd at more than $300 million," the report states.

That figure represents about 20 times the platform's projected 2026 earnings of roughly $15 million, according to the Times.

The interest is broad. Parties said to have explored a possible acquisition include Netflix, Sony Pictures Entertainment, Paramount Skydance, private-equity firm TPG and Reddit co-founder Alexis Ohanian. Letterboxd, founded in 2011 and based in New Zealand, has been shopping itself to interested parties in recent months.

Katie Hill, the New York Times' SVP, global head of communications and external affairs, said: "The company regularly reviews potential investments, and it's our policy not to comment on speculation about potential acquisitions or divestitures." A24 declined to comment. Representatives for Letterboxd did not immediately respond to a request for comment.

The ownership question cuts to the heart of what Letterboxd is. If a studio or streamer acquired the platform, users might question whether the new owner would favor its own titles on the service. Rotten Tomatoes spent years as part of NBCUniversal, which raised persistent questions about its independence from the entertainment division. Rotten Tomatoes now belongs to Versant Media, which spun off from NBCU earlier this year.

Letterboxd addressed the sale reports directly in a July statement. "As Letterboxd has grown, it's natural there will be interest in what we do next. There's nothing specific for us to share at this time," a spokesperson said. "Any decision about Letterboxd's future would involve the founders."

The founders retain real leverage. Canadian holding company Tiny owns a 60% stake, acquired in 2023 at a valuation of $50 million to $60 million. Co-founders Matthew Buchanan and Karl von Randow hold the remaining 40%. A sale at the reported $300 million-plus would mark a fivefold increase in the company's valuation in roughly two years.

Letterboxd counts more than 30 million members globally. The company has also launched an online video-rental service stocked with indie films, including previously unreleased titles — a move that already positions it closer to distribution than a pure social network.

Whoever prevails will face a delicate task: monetizing a platform whose authority rests on the perception that its users, not a parent company, decide which films matter.