Cinephile social media network and film review site Letterboxd may soon be the subject of a bidding war, with interested potential owners including A24, Sony Pictures, and The New York Times Company, the paper reported on Thursday.

A Canadian company called Tiny bought 60% of Letterboxd in 2023 in a deal that valued the social network at more than $50 million, and according to multiple news sources, has been exploring selling its controlling stake. The Times noted that Letterboxd’s appeal includes a highly active user base that regularly participates in film-themed challenges, celebrity users like Francis Ford Coppola and Rian Johnson, a $19-$49 per year subscription model, and preexisting advertiser draw.

Bids are expected to reach at least $300 million, three sources told the Times, which is about 20 years of Letterboxd’s projected 2026 revenue of $15 million. That aggressive multiplier suggests that the new owners will plan to expand the site and its earning potential significantly, and do it fast.

While Tiny doesn’t say how many users pay, media analyst Ken Doctor told the Times these factors add up to “the gold standard of the internet. If you can find that, you can build a big business around it.” An enthusiastic cinephile community is also valuable in an era where theaters are struggling.

Think a more focused version of pre-IPO Reddit, complete with the potential skepticism from users that a new owner will ruin what was previously a beloved internet destination by ruthlessly monetizing it.

As The Hollywood Reporter noted, the Times might be the most agreeable option for users, as it’s folded in numerous brands like Wirecutter and The Athletic without alienating fans.

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