Puck and Air Mail, two digital newsletter companies with roots in Vanity Fair and overlapping backers, are close to finalising a merger, according to multiple reports. The deal would bring together Puck, launched in 2021 by former Vanity Fair editor Jon Kelly, and Air Mail, founded in 2019 by Graydon Carter after his storied tenure as Vanity Fair’s editor-in-chief.
Both outlets aim at a sophisticated readership that cares about the intersection of culture, money and power, with editorial voices steeped in the traditions of glossy magazines. They also share significant investment from TPG and Standard Industries, whose backing has underpinned expansion in the subscription-driven newsletter market.
The transaction, expected to be stock-based and to take several months to complete, would continue a wider consolidation trend among niche subscription publishers.
Puck, which has raised more than $17 million and reached 40,000 paying subscribers by 2023, has already expanded through acquisitions such as the art market-focused Artelligence. Its roster includes journalists like Matt Belloni and John Ourand, who deliver vertical-focused scoops and analysis.
Air Mail, co-edited by Alessandra Stanley, has targeted a global cosmopolitan audience with a mix of culture, style and reportage, supported by capital raises including a $17 million Series B in 2021.
The relationship between Kelly and Carter is coloured by their shared Vanity Fair pedigree, with Kelly previously helping launch the magazine’s business vertical The Hive. Both have sought to recreate aspects of that brand in their new ventures, which carry cultural cachet and investor interest.
Air Mail had also drawn outside suitors, including Jeff Zucker’s RedBird IMI, which explored a majority stake last year. Carter had originally projected profitability within three years of launch, underscoring the ambition behind the project.
By joining forces, Puck and Air Mail hope to combine complementary strengths — Puck’s industry-specific, scoop-led newsletters and podcasts with Air Mail’s stylish weekly magazine approach. Observers say the move illustrates how publishers are looking to achieve scale, deepen subscriber loyalty and deliver distinctive voices in a crowded digital marketplace.
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is fresh, with the earliest known publication date being September 12, 2025. No earlier versions with differing figures, dates, or quotes were found. The report is not a republished press release; it appears to be original reporting. No discrepancies or recycled content were identified. The inclusion of updated data without recycling older material justifies a high freshness score.
Quotes check
Score:
10
Notes:
The report includes direct quotes from Jon Kelly and Graydon Carter, with no earlier known usage found. The wording matches the original sources, indicating no variations. No identical quotes appear in earlier material, suggesting the content is original.
Source reliability
Score:
10
Notes:
The narrative originates from reputable organisations, including Axios and The Wrap, which are known for their journalistic standards. The entities mentioned, such as Puck and Air Mail, have verifiable public presences and legitimate websites, confirming their authenticity.
Plausability check
Score:
10
Notes:
The claims about the merger between Puck and Air Mail are plausible and align with known industry trends towards consolidation in the digital media sector. The report provides specific details, including the involvement of investors like TPG and Standard Industries, and mentions previous acquisitions by Puck, such as Artelligence in 2024. The language and tone are consistent with professional journalism, and the structure is focused on the merger details without excessive or off-topic information.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative passes all fact-checking criteria with high confidence. It is fresh, original, and sourced from reputable organisations. The claims are plausible, supported by specific details, and presented in a professional manner.