RedBird Capital Partners takes majority stake in Puck

RedBird Capital Partners is finalizing the acquisition of a majority stake in Puck at an enterprise value of $300–700M. The transaction, expected to close within a month pending customary regulatory approvals, will make RedBird the largest shareholder of the subscription‑based newsletter and events business founded in 2021. Existing investors Standard Investments and TPG will fully exit, while RIT Capital will retain a minority position alongside the new investor. The deal injects fresh capital that Puck intends to deploy to deepen its investment in the digital magazine Air Mail, accelerate talent recruitment, expand into additional geographic markets, pursue selective acquisitions, and broaden the exploitation of its editorial intellectual property across new formats and distribution channels. Employees holding vested stock or options will receive a combination of liquidity and continued equity participation, and the parties have jointly established a new equity incentive plan to align management interests with the expanded shareholder base. The acquisition does not alter Puck’s editorial independence or its subscription revenue model, which relies on journalists with established followings in media, finance, entertainment, fashion and politics. By taking control of Puck, RedBird adds a high‑growth media asset to its portfolio, positioning the firm to capture incremental subscription revenue and to leverage cross‑selling opportunities within its broader media investments.