Is Netflix buying Letterboxd? Sony and Paramount also eyeing $250M deal: Reports

LEtterboxd, the film-review app loved by pic fans, is reportedly looking for for a vendee, with names the likes of Netflix, Sony Pictures and Paramount said to be in betimes talks, as per reports.Who wants to buy Letterboxd?Letterboxd's owners have held early talks with several potential buyers, including Netflix, according to an unconfirmed report by Puck.Others reportedly looking at Letterboxd include Sony Pictures Entertainment, David Ellison's Paramount Skydance and RedBird Capital Partners, a key Paramount financial backer, along with private-equity giant TPG, as per Variety.Reddit co-founder Alexis Ohanian, founder and general partner of VC firm Seven Seven Six, is also said to be considering a deal.As per Variety, Ohanian was eyeing a deal for Letterboxd, “Man I can't sneeze without someone taking about it lol," he said.The sales process is being handled by investment and merchant bank LionTree, which has been “floating” a rich $250 million valuation, per the Puck report.Also Read: What did Zendaya wear to The Odyssey premiere? Her Schiaparelli gown has a surprising inspirationWho owns Letterboxd right now?Letterboxd, founded in 2011, is majority-owned by Canadian holding company Tiny, which acquired a 60% stake in 2023 at a valuation of $50 million-$60 million. Co-founders Matthew Buchanan and Karl von Randow own the remaining 40% share.Some people have raised concerns that if a major studio or streaming company buys Letterboxd, it could create a conflict of interest by giving more attention to its own movies, as per Variety. Movie review site Rotten Tomatoes was owned by NBCUniversal for several years and some critics said that ownership raised concerns. IMDb is also owned by Amazon.Also Read: Dune: Part Three trailer breakdown: Paul Atreides' empire crumbles, Duncan's shocking return and every reveal explainedWhat is Letterboxd and how popular it is?Letterboxd is a popular social networking app for movie fans, where users can log the films they've watched, write reviews and share watch lists. Founded in 2011, it is based in Auckland, New Zealand. As per Guardian, the app currently has more than 26 million users worldwide and saw a surge in popularity during the pandemic.The app is most popular with audiences ages 18 to 35 and its popularity is helped by celebrities such as Charli xcx, Ayo Edebiri and Martin Scorsese, who log films watched, write reviews and share watch lists on the platform.