Auckland-Founded Film App Letterboxd in Advanced Talks with New York Times
Published
Letterboxd, a film diary and review app founded in Auckland, is in exclusive and advanced talks with the New York Times Company. Reports suggest the deal would value the company at roughly US$330 million.
Letterboxd allows users to record the films they have watched, rate them, and write reviews. The app has built a large community of film fans around the world, and it has become well known among people who enjoy discussing movies online. Its New Zealand roots make the story especially interesting for local readers, as it shows that a tech company from Auckland can attract the attention of a major international media business.
The New York Times Company is a large American media group that owns the well-known newspaper and runs a number of digital products. A possible deal with Letterboxd would bring a popular movie platform into its portfolio, which already includes other lifestyle and entertainment services. The talks are described as advanced, but they have not yet been finalised, so the final terms could still change.
For now, the details of the agreement have not been fully confirmed. Readers can expect further updates if the two companies reach a final agreement. The outcome will be closely watched by those in New Zealand's technology sector, as well as by the app's many users.
Sources: B2B News
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