RedBird Capital Partners has struck a deal to acquire a majority stake in Puck, valuing the five-year-old digital media company at approximately $250 million.
The investment firm will become Puck’s largest shareholder under the deal, according to Variety. The transaction follows reports last month that RedBird was in advanced talks to invest in the subscription-focused outlet, which launched in 2021.
Puck has built its business around subscription journalism from prominent reporters covering media, politics, finance, fashion and Hollywood.
Under the deal, longtime investors Standard Investments and TPG will exit their stakes, while RIT Capital will remain a minority investor alongside RedBird, according to an internal memo obtained by TheWrap. Employees with vested stock or options will receive a combination of liquidity and continued ownership in Puck, while the company and RedBird have also created a new equity incentive plan.
The transaction is expected to close in approximately one month, subject to anticipated regulatory approval, according to the memo.
Puck told employees the investment would provide additional resources to expand Puck and Air Mail, hire talent, enter new markets, pursue acquisitions and extend its intellectual property into new formats and channels.
“This is about accelerating our strategy, not changing it,” Puck co-founder Jon Kelly and CEO Sarah Personette wrote in the memo.
Puck has around 50,000 paying subscribers, according to Reuters. Its acquisition of Air Mail last year brought roughly another 50,000 subscribers to the company.
Puck acquired Air Mail, the digital publication founded by former Vanity Fair editor Graydon Carter, in October 2025 in a cash-and-stock deal valued at $16 million. RedBird was already an investor in Air Mail and became an investor in Puck through the transaction.
Puck has raised more than $17 million since its launch, according to Axios. Its journalists receive equity in the company and a portion of the subscription revenue they generate, a model designed to give its writers a direct financial stake in the audiences they build.
The Puck deal expands RedBird’s already sizable footprint across media, entertainment and sports. Its portfolio includes Artists Equity, the studio founded with Ben Affleck and Matt Damon, and EverPass Media.
The firm is also one of the main financial backers of Paramount Skydance’s $110 billion acquisition of Warner Bros. Discovery, which CEO David Ellison said Monday is expected to close in approximately two weeks.
That growing media portfolio is particularly relevant to Puck, whose journalists regularly cover the companies and executives in which RedBird invests. Kelly and Personette told employees Thursday that the investment “does not change our editorial independence, our differentiated business model, or the things that make Puck, Puck.”