RedBird in advanced talks to invest in Puck at $250m valuation
RedBird Capital is in advanced negotiations to acquire a significant stake in digital media company Puck in a transaction that would value the business at around $250m, according to a report by the Financial Times.
RedBird Capital is engaged in advanced discussions with digital media firm Puck, aiming to acquire a substantial stake and value the business at approximately $250 million, as per a Financial Times report. Puck has acknowledged these talks, describing the proposal as a strategic recapitalization to provide much-needed funds for its forthcoming expansion.
The exact stake RedBird may acquire remains undisclosed. This investment would enable Puck to bolster its resources as it broadens its reach across politics, entertainment, finance, and fashion. The company, based in Los Angeles, has heavily invested in hiring high-profile journalists since its inception in 2021. Founded and led by Gerry Cardinale, RedBird has become a notable private capital investor in the media sector.
The firm has backed Paramount Skydance's proposed acquisition of Warner Bros Discovery and narrowly missed out on acquiring the UK's Telegraph newspaper. An unnamed source familiar with the matter suggests that a RedBird investment would facilitate an exit for some of Puck's current institutional shareholders. Puck is currently owned by its founders, journalists, and investors including TPG, Standard Investments, and RIT Capital Partners.
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