Overview
- The cash-and-stock deal closed on Oct. 30 with a reported value of $16 million, according to multiple outlets citing company statements and reporting.
- Founder Graydon Carter is relinquishing day-to-day control and is expected to consult for a limited period before retiring, with deputy managing editor Julia Vitale promoted to editor.
- Puck co-founder Jon Kelly and CEO Sarah Personette welcomed Air Mail, describing complementary audiences across business leaders, tastemakers and cultural authorities.
- The price is below Air Mail’s previously reported $32 million in funding; prior figures also cited about 500,000 subscribers for Air Mail and 40,000 paying subscribers for Puck.
- Deal advisers included Gunderson Dettmer for Puck, with The Raine Group as Air Mail’s financial advisor and Proskauer Rose LLP as its legal counsel.