Letterboxd Owner Tiny Seeks Buyers for Film Rating Platform
Canadian holding company that bought platform in 2023 for over $50M is reportedly courting potential buyers including Versant and The Ankler
L'essentiel
- Tiny, the Canadian holding company owning roughly 60% of movie rating platform Letterboxd, is seeking buyers according to Semafor.
- Tiny acquired the platform in 2023 at a valuation exceeding $50 million.
- Potential buyers include Versant, parent company of CNBC and MS NOW, as well as The Ankler, a Hollywood-focused newsletter.
Résumé généré par IA
Pourquoi c'est important
Letterboxd has grown from a niche platform for film enthusiasts to a major movie community with tens of millions of accounts, particularly popular with Millennials and Gen-Z users who use it to rate, review, and recommend films.
Letterboxd has surged in popularity in recent years. Once a niche site for only the most fervent of film nerds, the site — which allows users to rate, review, and recommend movies to one another — has continued to add accounts by the tens of millions, thanks largely to interest from Millennials and Gen-Z. Now, the company's controlling investor has apparently made it known that they are looking to cash out. Semafor reported Sunday that Canadian holding company Tiny, which owns some 60 percent of Letterboxd, has been courting various potential buyers, including Versant, the parent company of CNBC and MS NOW (formerly MSNBC). Another potential buyer is The Ankler, a popular Hollywood newsletter, according to Semafor. Tiny bought the platform in 2023, valuing it at over $50 million. It's unclear whether the company has neared any sort of deal. Representatives for Letterboxd and Tiny did not immediately provide comment when reached by TechCrunch.
Questions ouvertes
- What valuation is Tiny seeking for Letterboxd?
- Which buyer is most likely to acquire the platform?
- Will Letterboxd's editorial direction change under new ownership?
