The digital media outlet's potential new owner is reportedly seeking a controlling stake, a notable test of capital formation in independent media.
RedBird Capital Partners is in advanced talks to invest in Puck, the digital media company, at a $250 million valuation, according to Reuters, with the firm reportedly seeking a controlling stake. The deal remains at the talks stage and hasn't been signed.
The valuation, RedBird's apparent intent to take control, and the identity of both parties are consistent across reporting. The structure and terms of any eventual deal aren't yet known, and typically wouldn't surface publicly until signing. For a firm increasingly active in sports and media, a controlling stake in an independent outlet at this valuation would be a meaningful bet on standalone digital media as a category, one worth revisiting once terms are finalized.