News commentary platform Puck is in advanced talks to sell a significant stake to US private equity group Red Bird Capital in a deal that will value the Los Angeles-based digital media group at about $250mn. The negotiations, confirmed by Puck on Wednesday, will mean new investment for the group, which has snapped up star reporters on large salaries in recent years as it has sought to build a publication spanning politics, entertainment, finance and fashion industries.

It is not clear how much of Puck Red Bird would own after a deal. Red Bird, headed by founder Gerry Cardinale, has been one of the most active investors in the media industry. The group has backed the Paramount Skydance acquisition of Warner Bros Discovery, which is facing opposition from some state attorneys in the US. It also recently lost out on a deal to buy the UK’s Telegraph newspaper.

In a statement, a Puck spokesperson said: “Puck is in advanced discussions about a strategic recapitalisation to accelerate growth that would make Red Bird our leading investor.” In September 2025, Puck acquired Air Mail, a digital weekly publication launched by former Vanity Fair editor Graydon Carter. Red Bird was an early investor in Air Mail.

Puck is privately owned by its founders and reporters alongside investors including TPG, Standard Industries and RIT Capital Partners. A Red Bird investment is expected to buy out the institutional investors, according to one person close to the situation. Puck was founded in 2021 by a group including Jon Kelly, Joe Purzycki and Max Tcheyan. The negotiations come after rival digital media group Semafor raised $30mn in January 2026 at a $330mn valuation.