RedBird Capital Partners in talks to lead $250 million investment in Puck

Puck is in advanced discussions for a strategic recapitalization that would make RedBird Capital Partners its leading investor. The potential all-cash transaction would value the media company at approximately $250 million.

The deal would allow existing institutional investors to sell their stakes to RedBird, though it would not include shares held by Puck’s founders or journalists. A spokesperson for Puck stated that the company’s journalist-centric model, commitment to premium intellectual property, and journalistic independence will remain unchanged.

Founded in 2021 by Jon Kelly, Puck utilizes a subscription-based model focused on newsletters and podcasts covering Hollywood, media, finance, politics, and fashion. The company’s structure provides journalists with equity and a portion of the subscription revenue they generate, fostering direct audience relationships. Puck currently has approximately 50,000 paying subscribers.