Letterboxd attracts acquisition interest from investor groups

The film-focused social media platform Letterboxd is currently for sale, attracting interest from various investment groups. One potential suitor is a consortium led by billionaire philanthropist and Madison Wells CEO Gigi Pritzker. Another group, the #Letterboxd4All coalition led by Intrinsic, is attempting a race-against-the-clock campaign to acquire the platform and transition it into a community-owned public benefit corporation.

Letterboxd, which allows users to log, rate, and review films, has seen significant growth. Its membership has increased from 30.7 million at the end of the second quarter to approximately 35 million. The platform is considered a valuable acquisition target due to its influence over film discourse and its access to user data, particularly within the Gen Z demographic. Any potential deal is expected to value the company at over $300 million, based on projected earnings.