Jon Kelly Photo by Paul Morigi/Getty Images for Puck RedBird Capital Partners has completed its deal to become the lead investor in the digital media company Puck, valuing the enterprise at $250 million.
The deal was announced to Puck staff Thursday in an email from CEO Sarah Personette and co-founder and editor-in-chief Jon Kelly, which was viewed by The Hollywood Reporter.
The deal will see current investors TPG and Standard Investments exit, with RIT Capital remaining a minority investors. Puck staff with vested stock options will also get some liquidity in the deal, with the company expected to roll out a new equity incentive plan going forward.
“One thing we want to reiterate from our last All Hands, this is about accelerating our strategy, not changing it,” the executives wrote, adding that they plan to use the cash infusion to hire more talent, pursue more acquisitions and enter new markets. “RedBird is investing in Puck because they believe in the company we have built and where we are going.”
RedBird, of course, is a powerhouse player in the media and entertainment space, serving as the primary outside backer of David Ellison’s Paramount Skydance (and soon Warner Bros. Discovery), as well as companies like Ben Affleck’s Artists Equity, Ari Emanuel’s Mari, Banijay Entertainment, EverPass media, EverWonder Studio, Front Office Sports and the UFL. Gerry Cardinale, a former Goldman Sachs investment banker, is the founder of the firm.
Those business relationships have become a part of the story of the investment, given Puck’s aggressive coverage of Paramount and Warner Bros., among other companies. In their memo, Kelly and Personette sought to reassure staff that the investment “does not change our editorial independence, our differentiated business model, or the things that make Puck, Puck.”
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