Netflix among many companies showing interest in acquiring Letterboxd: report

Letterboxd, the popular hybrid movie tracking and social media app, is exploring a sale. A new report this week from Matt Belloni at Puck outlines the many companies that have shown interest in acquiring the service, including Netflix, Sony Pictures, and more.

Belloni reports that “meet-and-greets” have kicked off as part of the sales process for Letterboxd. The talks are still incredibly early, and there are “many” parties taking meetings with Letterboxd to discuss early options.

Puck reports that Netflix is one of those companies:

Now, among those participating in meetings at the initial stage are Hollywood suitors including Sony Pictures, Paramount, and Netflix; private equity players TPG and RedBird; and media investor Alexis Ohanian.

Tiny, a Canadian holding company, acquired a 60% stake in Letterboxd in 2023 at a $50 million valuation.

Today’s report says bankers running the Letterboxd sale on behalf of Tiny are “floating a $250 million valuation” in the current stage. Belloni notes that this “seems high for a platform without a ton of revenue,” but that Letterboxd is a “rare digital-media success story that also doubles as an influential film platform.”

This week’s report from Puck follows a report from Semafor in April, which said Versant was interested in acquiring Letterboxd. Versant was spun out of Comcast earlier this year, and currently owns Fandango and Rotten Tomatoes.

Are you a Letterboxd user? Who do you think should acquire the service? Let us know down in the comments. You can read Belloni’s full report at Puck.

My favorite Apple TV products:

Follow Chance: Threads, Bluesky, Instagram, and Mastodon.