Letterboxd Sale Talks Are Heating Up

Sony Pictures Entertainment is among the companies agreeing to take initial sales meetings, IndieWire has learned — and reportedly Netflix, Paramount, and some private equity firms, too.

Letterboxd, the cult favorite social media site for cinephiles, has been shopping itself for months to potential buyers. As of Friday, Sony Pictures Entertainment is among several companies that have agreed to initial meetings, an individual with knowledge told IndieWire.

Netflix, Paramount, Reddit co-founder Alexis Ohanian, and private equity firms RedBird and TPG are also all among those who have agreed to meetings for an acquisition of Letterboxd, according to a report in Puck.

It’s all early days, but the initial Puck report follows news in Semafor back in April that said Tiny, a Canadian-based public company, was exploring a sale of Letterboxd after initially taking a 60 percent stake in it back in 2023. Semafor reported at the time that Versant and The Ankler were also among the interested parties. Tiny valued Letterboxd at $50 million back then and is now seeking a valuation of $250 million.

Back in April, Letterboxd told IndieWire only of the Semafor report that “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. Any decision about Letterboxd’s future would involve the founders.” Reps for the brand did not reply to a new request for comment.

Letterboxd has grown significantly since the takeover and since its nascent days on the web, now reaching 26 million users and standing as a rare, independent platform that has real cachet with young movie lovers, even among celebrities like Charli XCX and Jack Harlow. Some improvements, like its Four Favorites social media segments and the addition of a Letterboxd Video Store that offers digital rental of under-the-radar, even unreleased films, have been notable improvements and haven’t impacted Letterboxd’s charm or independence. Other promised features, like the ability to log TV shows, still haven’t materialized.

There’s almost certainly a lot Letterboxd could do to better monetize itself and shed some of its Old Internet quirks that have made it unique, but we wouldn’t blame you for shuddering at the thought of private equity taking over or a studio that might use it as a way just to boost its own titles.

A Sony acquisition makes some sense to us. We wrote recently about its minority stake in Cosm that followed the acquisition of Alamo Drafthouse, and both represent an eye toward niche, devoted audiences, just like Letterboxd has had. Netflix, after backing out of Warner Bros. Discovery, has been linked to just about every major media entity in Hollywood, and while acquiring Letterboxd might be a drop in the bucket for the streaming giant, to us it doesn’t necessarily track when what Netflix could really use is more IP. Paramount obviously views itself as tech-forward and might see some value in Letterboxd, but it’s also carrying some $80 billion in debt once it combines with Warner Bros. Discovery and doesn’t need to add more.

Sony and Netflix declined to comment. Paramount did not return IndieWire’s request for comment.