🎬 Letterboxd reportedly seeking a new owner, according to reports

Tiny, the Canadian holding company that controls about 60% of Letterboxd, has begun sounding out potential buyers, Semafor reported. Among the interested parties mentioned are Versant — parent company of CNBC and MS NOW — and Hollywood media company The Ankler.

Tiny acquired the majority of the platform in 2023, in a deal that valued Letterboxd at more than $50 million. Since then the film-focused social network has experienced notable growth: it went from 1.7 million users in 2020 to around 26 million this year, according to data cited by The New York Times. That growth has attracted interest from both studios — which see Letterboxd as a tool for marketing and audience analysis — and organizations like the Oscars, which have collaborated with the platform on digital initiatives.

For now there is no confirmation of an imminent deal; representatives of Letterboxd and Tiny did not immediately respond to requests for comment. If the sale proceeds, it will have implications for editorial direction, monetization models and integrations with larger media companies, although the details will depend on the final buyer.

Source: TechCrunch