A24, the studio behind some of the decade's defining films, has entered the auction for Letterboxd, according to reporting from The Ankler, adding the most culturally resonant name yet to a bidder pool that already includes Netflix, Sony Pictures, and Paramount.
Letterboxd, the film review and social network majority-owned by Canadian holding company Tiny, has been in a formal sale process since at least May 2026, with investment bank LionTree handling the auction at a reported valuation of approximately $250 million. The platform now counts more than 30 million members globally, nearly doubling its user base in under two years.
Tiny holds a 60% stake. Letterboxd's co-founders, CEO Matthew Buchanan and CTO Karl von Randow, each own 20% and retain a veto clause over any sale outcome.
A24's interest would mark a different kind of acquisition than a Netflix or Paramount bid. The studio, whose titles span "Hereditary" to "Civil War" to "Sinners," is among the most-discussed distributors on Letterboxd by volume. An acquisition would give A24 direct access to first-party audience data from the platform where its core demographic is most active. "The community is the asset," regulatory attorney Braden Perry told Yahoo Finance.
A separate bid has emerged from Intrinsic Entertainment Collaborative, a newly formed public benefit corporation backed by producer Ted Hope. Intrinsic has argued that Letterboxd's independence must be protected. Its crowdfunding campaign on Seed & Spark is working toward a $100,000 goal to cover legal costs ahead of a formal equity raise.
No deal has been announced.