As Letterboxd Draws Interest From The New York Times, A24 And Others, One Of Its Bankers Calls It “A Phenomenon”

With Letterboxd acquisition talks heating up, dealmakers touted the company as “a phenomenon” and a key to the 2026 box office revival.

A report in the New York Times said its corporate parent is among the suitors for the online film community, along with A24, Netflix, Paramount, Sony and others. Canada-based private equity firm Tiny is selling Letterboxd four years after it acquired it, with a hefty return on its investment in store as the platform’s valuation appears set to surpass $300 million.

Alex Michael, senior managing director at boutique investment bank LionTree, which is advising Letterboxd in its M&A process, raved about the company Thursday just as the Times report on itself was being published. During a panel discussion at an L.A. conference hosted by the Financial Times, he compared it with Fandango or Rotten Tomatoes, but said it is “a little different.” He called it “a phenomenon” that it draws “movie fans who come and consume people’s reviews, and they discover content.” Letterboxd attracts 30 million monthly users – “with zero paid marketing,” Michael added.

“What I think is most interesting and relevant to this conversation is that the biggest cohort, the biggest user group, is ages 18 to 24,” Michael said, raising the company’s name during a broader conversation about the 2026 revival of movie box office. “Maybe this isn’t just sort of a dead-cat bounce or sort of a death bloom before the end of theatrical. In fact, if younger audiences, and we sit also with younger content, are actually consuming and engaged then maybe this can last.”

Aaron Sobel, private equity partner at Apollo Global Management, followed up by citing a stat that 20% of 18-to-34-year olds have gone to a movie over the past two weeks, a period with overperforming wide-audience draws like Resident Evil and specialty breakouts like Buddy. “That’s an incredible statistic,” he said. “Obviously, that percentage declines as people get older, but it’s certainly supportive of what you’re saying” about Letterboxd.

Versant Media, which owns Fandango and Rotten Tomatoes, took a look at the company’s books earlier this year but ultimately decided against making a bid, sources have told Deadline.

Reps from reported bidders, including the New York Times Co., did not immediately reply to Deadline’s request for comment.

Along with many interested corporate parties, one alternative scenario has also emerged thanks to the grass-roots DNA of the company. Social benefit corporation Intrinsic, with support from indie film stalwart Ted Hope and a crowdfunding campaign, has been in touch with New Zealand-based co-founders Matthew Buchanan and Karl von Randow.

With anxiety in the Letterboxd community about Netflix or another large company taking over a platform members hold dear, Intrinsic head Elizabeth Joyce feels her bid has more than just a long shot.