Key facts
- RedBird Capital Partners will acquire a majority stake in Puck.
- The deal values the newsletter startup at approximately $250 million.
- Puck was founded in 2021 and operates a subscription-based business.
- Puck acquired the digital magazine Air Mail last year.
- Standard Investments and TPG will exit the company.
- RIT Capital will remain a minority investor.
RedBird Capital Partners has agreed to acquire a majority stake in the five-year-old newsletter startup Puck, valuing the company at approximately $250 million, according to a memo seen by Reuters. The deal, which is expected to close in about a month pending regulatory approval, will provide Puck with additional capital to fuel growth. This includes investments in its media properties, talent acquisition, market expansion, potential acquisitions, and the development of new content formats. Puck, founded in 2021, operates a subscription-based model centered around journalists with established followings in various sectors including media, finance, entertainment, fashion, and politics. The company acquired Air Mail, a digital magazine founded by former Vanity Fair editor Graydon Carter, last year, with RedBird becoming an investor in Puck following that transaction. The latest deal will not alter Puck's editorial independence or its existing business model. Existing backers Standard Investments and TPG will exit the company, while RIT Capital will retain a minority stake. Puck and RedBird have also established a new equity incentive plan for employees, who will receive a combination of liquidity and continued ownership.