Tech holding company Tiny Ltd. says it's buying a majority stake in movie review platform Letterboxd.
Victoria, B.C.-based Tiny has not shared what it will pay for the 60 per cent stake it will take in the film diary and rating website.
Letterboxd co-founder Michael Buchanan says the deal secures the platform’s future as an independently run company, while taking advantage of Tiny's experience helping founders through growth periods.
He adds the transaction will change little about the business because he and Letterboxd co-founder Karl von Randow will retain their stake in the company and continue to lead their team.
In connection with the transaction, Buchanan and van Randow will buy more than 1.4 million common shares of Tiny for $3.40 each, delivering gross proceeds of roughly $4.8 million to Tiny.
Letterboxd has 10 million members across more than 200 countries and counts stars Margot Robbie, Olivia Rodrigo and Ava DuVernay as users.
The roster of companies Tiny owns a controlling stake in includes coffee maker manufacturer AeroPress, talent firm Dribble, women's empowerment organization Girlboss and technology developer MetaLab.
This report by The Canadian Press was first published Sept. 29, 2023.
The Canadian Press
