Netflix, Sony Pictures in talks to buy film review site Letterboxd

Netflix and Sony Pictures are reportedly in preliminary discussions to acquire Letterboxd, the popular social media platform for film enthusiasts. The Wrap reported that both companies are part of a small group of potential buyers, which also includes Paramount Skydance, private equity firms TPG and Redbird, and Reddit co-founder Alexis Ohanian.

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Netflix and Sony Pictures are among the entertainment companies that are holding preliminary conversations to acquire the film review social network Letterboxd.

Founded in 2011, Letterboxd allows users to rate films, write reviews, and track their viewing history. The platform is currently controlled by the Canadian business group Tiny, which acquired a 60% stake in 2023 for an estimated $50-60 million. The original founders, Matthew Buchanan and Karl von Randow, still hold the remaining 40%.

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Both are part of a small group of potential buyers, along with Paramount Skydance, private equity firms TPG and Redbird, and Alexis Ohanian, co-creator of Reddit, founder and general partner of Seven Seven Six.

Puck reported that Letterboxd initiated a sale process earlier this year, with investment bank LionTree leading the effort. The platform is reportedly being valued at $250 million. The interest in selling Tiny's stake was first reported by Semafor in April, sparking criticism over the possibility of the platform falling into the hands of major industry players.

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The company began a sale process earlier this year, led by investment bank LionTree, and bankers are reportedly managing a valuation of $250 million for the platform.