Puck and Airmail are without doubt one of the most interesting independent media properties in the industry, with Puck acquiring Airmail last year to bolster reach and cement direction of the publishing platform.
Airmail was founded by Vanity Fair editor Graydon Carter in 2025, and Puck is home to senior correspondents such as Lauren Sherman Dylan Byers and Ian Krietzberg.
Investment firm Redbird is acquiring a majority stake in a deal that values the group at $250 Million, with Standard Investments and TPG exiting the company and RIT staying on as a minority investor.
Puck has around 50,000 paying subscribers, according to two sources, and Air Mail brings in about additional 50,000 subscribers, according to another source. Subscriber revenue is heavily tied to editors in a new media model that shares revenues with authors.
In a company wide memo published by Variety co-founders Kelly and Shapiro stated:
We are excited to have RedBird as our partner for this next stage. Since joining our cap table following the Air Mail acquisition last fall, and throughout this entire process, they have demonstrated a real appreciation for what we have built
