Puck and Air Mail: A Media Match

Puck, a subscription-first newsletter company founded in 2021, is expected to acquire Air Mail, the digital weekly launched by Graydon Carter in 2019. The deal was reported in September 2025 and reunites Carter with Jon Kelly, who worked with him at Vanity Fair. Puck has grown since 2021 and had tens of thousands of paying readers by 2023.

Air Mail began as a stylish, magazine-like newsletter and raised more than thirty million dollars from investors including TPG and RedBird. Carter explored a potential sale in 2024 and hired advisers to review options, while early investors considered exits. Air Mail launched in 2019 and had raised about thirty-two million dollars in funding by 2021. The companies share some backers and editorial taste, although each retains its own writers and projects.

The move reflects consolidation among niche, paid media outlets and shows how investor interest shapes small digital publishers. Analysts note that small, subscription-first outlets are consolidating to reach larger audiences and reduce costs.