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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\u2019s editor-in-chief.<\/p>\n
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.<\/p>\n
The transaction, expected to be stock-based and to take several months to complete, would continue a wider consolidation trend among niche subscription publishers. <\/p>\n
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. <\/p>\n
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.<\/p>\n
The relationship between Kelly and Carter is coloured by their shared Vanity Fair pedigree, with Kelly previously helping launch the magazine\u2019s business vertical The Hive. Both have sought to recreate aspects of that brand in their new ventures, which carry cultural cachet and investor interest.<\/p>\n
Air Mail had also drawn outside suitors, including Jeff Zucker\u2019s 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.<\/p>\n
By joining forces, Puck and Air Mail hope to combine complementary strengths \u2014 Puck\u2019s industry-specific, scoop-led newsletters and podcasts with Air Mail\u2019s 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.<\/p>\n