Letterboxd reportedly seeks new owner as Tiny looks to sell

The social platform Letterboxd is reportedly looking for a new owner, according to a report by Semafor on Sunday. The platform’s controlling investor, Tiny, is actively courting potential buyers for the company. Tiny, which is a Canadian holding company, has reportedly approached several potential buyers, including Versant and The Ankler. To provide context for these entities, Versant operates as the parent company of CNBC and MS NOW, which was formerly known as MSNBC, while The Ankler is a Hollywood newsletter. At this stage, it remains unclear whether Letterboxd or its parent company has neared any sort of deal with these or other parties. Representatives for both Letterboxd and Tiny did not immediately provide comment when reached by TechCrunch regarding the potential sale.

Founded in 2011, Letterboxd has experienced growth over the last several years, transitioning from a niche site for only the most fervent of film nerds into a broad social network. The platform allows its users to rate, review, and recommend movies to one another. It has continued to add accounts by the tens of millions, driven largely by interest from millennials and Gen Z. According to user data from The New York Times, the platform’s user base expanded from 1.7 million users in 2020 to about 26 million users today.

This growth has made the platform increasingly relevant to the broader entertainment industry. In recent years, movie studios have shown interest in Letterboxd, viewing the platform as both a vehicle for marketing films and a source of information regarding moviegoer trends. Additionally, the Oscars, a nonprofit organization, teamed up with the social platform in a digital content partnership several years ago.

Tiny currently owns some 60% of Letterboxd, having acquired its controlling stake in the platform in 2023. That transaction valued the social network at over $50 million. Despite the platform’s growth and the reported outreach to potential buyers like Versant and The Ankler, it is unclear whether any formal acquisition agreement is close to being finalized, or if the company has neared any sort of deal at this time.

Why it matters

Letterboxd has evolved from a niche film site into a social platform with 26 million users, making it an attractive asset for media and tech companies looking to tap into moviegoer trends.