RedBird nears Puck stake, $250M valuation

Puck is in advanced talks with RedBird Capital Partners for a strategic recapitalization that would value the Los Angeles-based publication at about $250 million. The deal is expected to be all-cash, with RedBird buying out existing institutional backers while founders and staff retain equity and editorial control. RedBird would likely take a sizable stake, potentially majority, giving it governance over the company, though exact ownership remains undisclosed. The move comes as Puck has expanded across politics, entertainment, finance and fashion, and recently acquired Air Mail with RedBird having been an early investor. The negotiations unfold amid strong investor appetite for niche digital media, underscored by Semafor’s high valuation earlier in 2026. Puck remains privately held by its founders, reporters, and investors including TPG, Standard Industries and RIT Capital Partners.