The movie-centric social network is said to be seeking new ownership.
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Letterboxd may have a new majority owner in the near future, and some eyebrow-raising names are among the potential buyers. Netflix, Sony Pictures, Paramount, private equity company TPG and Reddit co-founder Alexis Ohanian are all in the mix, according to Puck. A Semafor report from earlier this year indicated Fandango and Rotten Tomatoes owner Versant was interested too.
Holding company Tiny has seemingly been in talks with potential buyers for its stake in the social network for film 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 still own the remainder, as Variety notes. Investment bank Liontree is said to be handling the latest sale process, which reportedly pegs Letterboxd at a valuation of $250 million.
The social network has seen rapid growth over the last few years after blooming in popularity during COVID-19 lockdowns. According to Deadline, Letterboxd had 6.5 million members as of August 2022. That figure has since reportedly grown to 30 million, with 10 million people joining last year alone.
Were the likes of Netflix, Sony Pictures or Paramount to take over Letterboxd, that would raise concerns about a conflict of interest, as a major film studio and distributor would be the primary owner of one of the key destinations for folks to discuss their output. Rotten Tomatoes faced similar scrutiny when it was under NBCUniversal’s umbrella. While Warner Bros. Discovery (which Paramount may soon own) still holds a minority stake in Rotten Tomatoes, NBCU owner Comcast spun out the website along with its cable networks earlier this year.
