The New York Times Company has entered exclusive talks to buy Letterboxd, the social network for film lovers, for about $330 million.

Letterboxd works a little like Goodreads for cinema, letting users log, rate and review the films they watch. It has grown fast. The platform reported three million users in January 2021, a figure that reached 28 million by April of this year. More than half of those users are under 35.

The company had previously been reported to be looking for a new owner and the Times said film studios A24 and Sony were both interested in buying it. A24, the report said, was priced out. The New York Times Company had been competing with the two studios before moving into exclusive talks.

The numbers put the size of the offer into perspective. Letterboxd is free to use but a paid subscription unlocks advanced features. Its projected earnings for this year are estimated at $15 million, roughly 4.5% of what the Times is reportedly offering. By another measure, the deal values Letterboxd at over 20 times its 2026 earnings.

For the Times, the purchase would add to a growing line-up of digital subscription businesses. The company operates through two segments, The New York Times Group and The Athletic and has built out products including games such as Wordle alongside its cooking and audio offerings and its core news coverage.

The New York Times Company declined to comment on the reported acquisition. People close to the talks spoke on the condition of anonymity because the negotiations are confidential.