"We're beyond thrilled to welcome Air Mail to Puck, Puck co-founder Jon Kelly said in a statement this week. Graydon Carter is a titan and trailblazer of our industry and his decades of experience and successinventing Spy, reinventing The New York Observer, and his heralded quarter century transformation of Vanity Fair into a cultural institutionhas shaped Air Mail's inimitable voice and look."
"The New York Times' Benjamin Mullin and Jessica Testa reported that Puck valued Air Mail at $16 million and the sale will be made mostly through Puck stock. The final number is substantially less than the $32 million the digital newsletter has brought in for funding since 2019. In what may now seem like spin, early reports of a possible sale in February of 2024 included figures as high as $50 million, more than three times what the new deal is reportedly worth."
Puck acquired Graydon Carter's Air Mail for roughly $16 million, with the transaction paid mostly in Puck stock. The sale price is substantially lower than the $32 million Air Mail raised since 2019 and far below earlier reported figures near $50 million. Graydon Carter will depart as part of the deal and co-editor Alessandra Stanley will also leave. Julia Vitale, currently deputy editor, will become editor. Most Air Mail employees are expected to remain through the transition. Air Mail was founded by Carter as a digital magazine for worldly cosmopolitans and framed as a weekend edition to a digital daily news engine.
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