The newsletter startup Puck is in advanced negotiations to receive an investment from RedBird Capital Partners, the company confirmed on Wednesday. The proposed transaction would value Puck at approximately $250 million and establish RedBird as the platform's leading investor.
Puck was founded in 2021 by Jon Kelly and others, utilizing a business model that offers reporters equity stakes and a portion of subscription revenue. The company focuses on media, finance, entertainment, fashion, and politics. RedBird Capital Partners, led by Gerry Cardinale, is a prominent investor in the media and entertainment sectors with a portfolio that includes Artists Equity and Fulwell Entertainment.
According to sources familiar with the matter, the all-cash deal would involve RedBird buying out the shares of Puck’s current institutional investors. These existing backers include TPG, Standard Investments, and J Rothschild Capital Management, who have previously provided about $20 million in venture funding. One source stated that Puck's founders and staff would retain their shares, and the reporters would maintain editorial control.
A Puck spokesperson said the "strategic recapitalization" is intended to accelerate growth while maintaining the company's "journalist-centric model" and "journalistic independence." RedBird declined to comment on the negotiations. The two companies established a prior connection last year when Puck acquired Air Mail, a digital magazine in which RedBird held an interest.
For the journalists and founders employed by Puck, the deal preserves their direct equity stakes and editorial independence while shifting the company's primary financial backing to a single large private equity firm. This marks a transition from the startup's early phase of raising smaller amounts from multiple venture firms, such as TPG, to a centralized $250 million valuation. The journalists, who are incentivized to build personal followings, will see the institutional ownership of their platform consolidated under RedBird.
The investment reflects ongoing consolidation and high-value interest in creator-led media models. RedBird’s involvement places Puck within a broader media portfolio that includes major studio interests and sports distribution rights, such as NFL Sunday Ticket commercial rights. While the spokesperson confirmed the talks are in advanced stages, a specific date for the finalization of the deal or the transfer of funds was not reported.