RedBird Capital to acquire majority stake in Puck at $250 million valuation, memo says

RedBird Capital Partners has reached an agreement to acquire a majority stake in Puck, a five-year-old newsletter startup, according to a memo obtained by Reuters. The deal is valued at approximately $250 million. Reuters first reported in the previous month that Puck was in advanced discussions for an investment from RedBird. The acquisition will provide Puck with additional funding to expand its operations, including investing in Air Mail, hiring more employees, entering new markets, making acquisitions, and exploring new formats and channels for its intellectual property.

Last year, Puck acquired Air Mail, the digital magazine founded by former Vanity Fair editor Graydon Carter. The deal does not affect Puck's editorial independence or business model, as confirmed by the memo. Standard Investments and TPG, who have supported Puck since its launch, will withdraw from the company, while RIT Capital will maintain a minority stake alongside RedBird.

Employees who have vested stock or options will receive a mix of liquidity and continued ownership in the company. The transaction is anticipated to be finalized within a month, pending regulatory approval. Puck, founded in 2021, operates a subscription-based business that features journalists with established followings in various fields such as media, finance, entertainment, fashion, and politics.