Puck agrees to buy Air Mail
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Illustration: Annelise Capossela/Axios
Puck, the subscription newsletter company, has agreed to acquire Air Mail, the digital media startup founded by magazine veteran Graydon Carter.
Why it matters: The deal would bring together two likeminded digital media startups and reunites Puck founder Jon Kelly with his former boss, Carter.
Zoom in: Puck and Air Mail share investors with Standard Investments, an investment arm of Standard Industries, and private equity giant TPG.
- "Puck has entered into an exclusive agreement to acquire Air Mail. This will unite Air Mail's distinctive journalism, stable of luxury advertisers, and sophisticated commerce platforms with Puck's portfolio of venerated journalists, scale, and proven subscriber engagement model," the companies said in a joint statement.
- On Thursday, Breaker reported the parties had entered an agreement.
Between the lines: Carter and Kelly share a similar worldview that digital journalism brands should embody the aesthetic and editorial voice that was embraced in the glossy magazine era.
- Kelly was a longtime disciple of Carter when they worked at Condé Nast-owned Vanity Fair.
By the numbers: Puck has raised more than $17 million since it launched in 2021. It had amassed 40,000 full-paying subscribers as of 2023, the Wall Street Journal reported.
- Air Mail has raised more than $30 million.
The big picture: The potential deal reflects a desire for consolidation among niche, subscription-first outlets.
- Both companies center their distribution on newsletters but have been expanding into new revenue streams.
- In recent months, Puck has focused on events and its coverage of Washington. Air Mail has invested in e-commerce and lifestyle offerings.
Editor's note: This story was updated with a statement and more details on the agreement.
