Puck has agreed to a deal that would give RedBird Capital Partners a majority stake, valuing the media company at about $250 million. Closing is expected in roughly a month, subject to regulatory approval.
The deal raises potential conflicts because Puck regularly covers Paramount and CBS News, as well as Paramount’s bid for Warner Bros. Discovery. RedBird managing partner Gerry Cardinale is a Paramount director and, according to RedBird, a “co-control owner” of the company. Puck CEO Sarah Personette and co-founder Jon Kelly told staff the deal would not change the publication’s editorial independence.
Standard Investments and TPG will exit, while RIT Capital will remain a minority investor. Personette and Kelly said the investment would support Puck and Air Mail, hiring, new markets, acquisitions and expanding intellectual property into new formats and channels. Employees with vested stock or options will receive a combination of liquidity and continued ownership; details of a new equity incentive plan are to be shared once finalized at closing.
