RedBird Capital is in advanced negotiations to acquire a significant stake in digital media company Puck in a transaction that would value the business at around $250m, according to a report by the Financial Times.
Puck has reportedly confirmed the discussions, describing the proposed deal as a strategic recapitalisation designed to provide fresh capital for its next phase of growth. The size of RedBird’s potential ownership has not been disclosed.
The investment would give Puck additional resources as it expands its coverage across politics, entertainment, finance and fashion. The Los Angeles-based publisher has invested heavily in attracting high-profile journalists since its launch in 2021.
RedBird, founded and led by Gerry Cardinale, has emerged as one of the more active private capital investors in media. The firm has backed Paramount Skydance’s proposed acquisition of Warner Bros Discovery and recently competed unsuccessfully to acquire the UK’s Telegraph newspaper.
The report cites an unnamed person familiar with the matter. As sating that a RedBird investment is expected to provide an exit for some of Puck’s existing institutional backers. The firm is currently owned by its founders and journalists alongside investors including TPG, Standard Investments and RIT Capital Partners.
