India, Nov. 6 -- The New York Times Co.(NYT) reportedly has entered into exclusive negotiations to acquire Letterboxd, an online community for cinephiles, for about $330 million.
As per a report by the New York Times, citing people familiar with the discussions, a deal is yet to be reached, and talks could still fall apart.
The proposed consideration is more than 20 times Letterboxd's projected earnings this year of around $15 million.
The report noted that The Times Company and Letterboxd co-founders Matthew Buchanan and Karl von Randow are having the discussion.
With the proposed acquisition, the Times Company expects to add new products and services to its portfolio beyond its flagship news offering.
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