Published September 29, 2023, 4:55 p.m. ET
Updated September 29, 2023, 4:56 p.m. ET
The technology holding Tiny Ltd. announces that it is acquiring a majority stake in film review platform Letterboxd, as seen here. Victoria, B.C.-based Tiny has not disclosed in the film’s diary or on its ratings website how much it will pay for the 60 percent stake. THE CANADIAN PRESS
The technology holding Tiny Ltd. announces that it is acquiring a majority stake in film review platform Letterboxd.
Victoria, B.C.-based Tiny has not disclosed in the film’s diary or on its ratings website how much it will pay for the 60 percent stake.
Letterboxd co-founder Michael Buchanan says the deal secures the platform’s future as an independently owned company, while benefiting from Tiny’s experience in supporting founders at growth stages.
He adds that the transaction will change little to the business, as he and Letterboxd co-founder Karl von Randow will retain their shares in the company and continue to lead their team.
In connection with the transaction, Buchanan and van Randow will purchase more than 1.4 million shares of Tiny’s common stock for $3.40 each, resulting in gross proceeds to Tiny of approximately $4.8 million.
Letterboxd has 10 million members in more than 200 countries and counts celebrities Margot Robbie, Olivia Rodrigo and Ava DuVernay among its users.
Companies in which Tiny has a majority stake include coffee machine maker 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.
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