Puck Buys Air Mail For Cash And Stocks

[kit_hung]

So let's hear this: There's a newsletter company called Puck that has decided to open its wallet and take over Air Mail, the digital media company of old Graydon Carter—the old guy from Vanity Fair. And it's not a joke, the deal itself is a mix of real money and a large part of it being stock. Like, "come in and play together, but we're still in the same company."

What's funny is that Carter was Jon Kelly's (Puck's) mentor during their Vanity Fair days, and now the student is taking over the teacher's job. It's like destiny but for business.

Air Mail has been looking for a buyer for a while, since 2024 people have been talking about a price tag of $50 million. Now they've finally found one from Puck. And that means their lifestyle, travel, and culture publication is going onto Puck's platform, which is said to have a "high-end" readership—the kind of readers who like clean fonts, smooth lines, and expensive tea.

On the management side, Carter and his co-editor are leaving, but another editor—Julia Vitale—remains to steer the Air Mail ship. Many of the staff are also moving on as Puck staff.

On the financial side, Puck has raised more than $17M since 2021, Air Mail more than $30M, and Puck claims it’s on track to do $20M in revenue this year. But don’t think it’s all good news—neither of them are yet profitable, but Puck says they’ll be in the green next year.

In short, this deal is like saying: “let’s go together, get readers, do events, hold Washington, and then sell people delicious newsletters.” This is the new hustle of media: sticking together so they don’t get bogged down.

Source: AXIOS

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[gwolf666]

Personally, I believe this acquisition between Puck and Air Mail reflects a clear trend in the digital media world: consolidation and collaboration as a strategy for survival in an increasingly competitive and fragmented market. It's interesting to see Jon Kelly, who mentored Graydon Carter, now taking a leadership role in a company seeking to leverage Air Mail's heritage and audience. While neither is yet profitable, joining forces and expanding their reach seems like a smart move, especially if they plan to diversify their revenue streams with events and other products. However, I also have my doubts about how long they can maintain the quality and exclusivity that characterize top-tier publications without sacrificing their essence in the growth process. Ultimately, I see this as a survival strategy, where the merger may strengthen their position, but always with the risk of diluting their identity.