Red Bird Capital Partners is in advanced talks to acquire majority control of Puck in a strategic recapitalization that will help accelerate growth, a spokesperson for the newsletter and podcast publisher said. Red Bird is buying out early investors in a deal that values the company at about $250 million, according to a person familiar with the financing who asked to not be identified because the terms aren’t public.

Red Bird Founder Gerry Cardinale is leading the move, which would give the investment firm a significant stake in the media company. The deal is part of a broader trend of private equity firms eyeing digital media assets.

Puck, known for its insider-focused coverage of media, finance, and politics, has gained traction since its launch. The new investment would provide capital for expansion and product development.

The transaction is expected to close in the coming weeks, pending final negotiations. Neither Red Bird nor Puck has publicly commented on the specifics of the deal.