Key facts
- Puck is in advanced talks for an investment from RedBird Capital Partners.
- The investment would value the newsletter startup at approximately $250 million.
- RedBird Capital Partners is a known investor in media and entertainment.
- Existing institutional investors will sell their stakes to RedBird.
- Puck will maintain its editorial independence and journalist-centric model.
Puck, a newsletter startup founded in 2021, is reportedly in advanced discussions for a significant investment from RedBird Capital Partners. The deal, which values Puck at approximately $250 million, would see RedBird become the company's leading investor, acquiring a substantial stake through the sale of shares by existing institutional investors. Puck confirmed the talks, stating the recapitalization aims to accelerate growth while preserving its journalist-centric model, commitment to premium intellectual property, direct audience relationships, and editorial independence.
Puck, co-founded by former New York Times and Condé Nast journalist Jon Kelly, focuses on providing insider perspectives on media, finance, entertainment, fashion, and politics. The company has attracted thousands of paying subscribers, with journalists like Matthew Belloni building significant followings. Puck previously acquired the digital magazine AirMail and has raised around $20 million in venture funding from firms including TPG and Standard Investments.
RedBird Capital Partners, known for its investments in media and entertainment, has a diverse portfolio. The firm is a backer of Artists Equity, a studio co-founded with actors Ben Affleck and Matt Damon, and Fulwell Entertainment, a media platform associated with LeBron James. RedBird was also a contender for Telegraph Media Group and is a main backer behind David Ellison's bid for Warner Bros. Discovery, a deal currently facing challenges from state attorneys general.