According to people familiar with the matter, New York Times (NYSE: NYT) is in exclusive negotiations to acquire film-focused social platform Letterboxd, valuing the latter at approximately $330 million.

If the deal is reached, it would further drive the media organization's expansion beyond its core news business. The New York Times (NYSE: NYT) has previously acquired sports website The Athletic, product review service Wirecutter, and the game Wordle.

In the third quarter of this year, the company added 420,000 net digital-only subscribers, bringing its total paid subscriber base to 13.8 million.

People familiar with the matter said the two sides have not yet reached an agreement, and the negotiations could still fall apart. At the contemplated deal price, Letterboxd's valuation would exceed 20 times its projected earnings of approximately $15 million this year.