Journalism is kind of a mess right now. You see it every time you open Twitter—or X, whatever—and scroll through a sea of layoffs, paywalls, and AI-generated sludge that doesn't actually tell you anything. Then there is Puck. If you haven't heard of it, it’s basically the media company that decided the best way to save the news was to treat reporters like the stars they actually are.
Most people think of "Puck" as a hockey thing or maybe that mischievous sprite from Shakespeare. In the media world, it's something entirely different. It is a platform built on the idea that people will pay—and pay well—to hear what the smartest person in the room is whispering. It isn't about the general news. It's about the "inside baseball" of the four horsemen of American power: Silicon Valley, Wall Street, Washington, and Hollywood.
What is Puck and Why Should You Care?
Founded in 2021 by Jon Kelly and a group of veteran journalists, Puck wasn't an accident. Kelly, who previously worked at The New York Times and Vanity Fair, saw a gap. The old-school magazines were losing their teeth. The big newspapers were getting too broad. He wanted something that felt like a private conversation at a dinner party in Aspen or a high-stakes meeting in a Santa Monica boardroom.
The name itself is a nod to the satirical magazine from the 19th century, but the business model is 21st-century survivalism. They don't just hire writers; they hire "partners." These are people like Matthew Belloni, who basically knows what every executive at Netflix and Disney is thinking before they do. Or Julia Ioffe, who provides some of the most nuanced reporting on foreign policy and Russia you'll find anywhere.
It’s expensive. A subscription isn't the price of a cup of coffee; it's a real investment. But that's the point. They are betting that if you provide "information elite" content, you can bypass the crumbling ad-supported model that has killed so many local papers.
The Power of the "Inside" Perspective
The real secret sauce is the access.
When you read a Puck article, it feels different. It’s less "The Senator said this in a press release" and more "The Senator’s chief of staff was seen fuming at a bar because the donor check didn't clear." Is it gossipy? Sure. But in these industries, gossip is the lead indicator of reality.
Think about Hollywood. While trade publications like Variety or The Hollywood Reporter have to maintain very specific relationships with studios to keep getting trailers and red carpet access, Puck writers like Belloni tend to burn the bridges if the story is good enough. That independence is what creates the value. You aren't getting the PR version of the story. You're getting the version that makes people in power uncomfortable.
Why the "Elite Media" Model is Winning
We live in an era of "narrowcasting." The idea that one news outlet can be everything to everyone is dead. Puck thrives because it picks its lanes and stays in them with obsessive focus.
- Silicon Valley: Teddy Schleifer (who recently moved to the NYT but was a foundational pillar) and others cover the ego and the equity.
- Wall Street: William D. Cohan brings the perspective of someone who actually worked at Lazard and JPMorgan. He isn't guessing how a deal works. He’s been in the room.
- Washington: It’s about the money behind the politics, not just the stump speeches.
The math is simple. If you have 50,000 people paying $100 or $250 a year, you have a sustainable business. You don't need 10 million clicks on a slideshow about "10 Celebs Who Aged Poorly" to keep the lights on. This protects the journalism from the "clickbait" rot. It allows for longer, denser, more complex pieces that actually explain the why instead of just the what.
The Critics and the Risks
It isn't all roses and champagne. Critics often argue that Puck is too insular. If you don't care about who replaces Bob Iger at Disney or how a specific hedge fund manager is feeling about the Fed, the site can feel incredibly niche. Honestly, it is. It’s "prosumer" media.
There's also the "Key Man" risk. When your entire brand is built on five or six superstar journalists, what happens if they leave? We saw this with Schleifer’s departure. When a personality is the product, the company is only as strong as its contracts.
Then there’s the tone. It’s breezy. It’s smart. Sometimes, it’s a little too "we know something you don't." If you’re looking for objective, dry, inverted-pyramid style reporting, you’re going to be disappointed. This is point-of-view journalism. It’s informed, yes, but it’s definitely not neutral.
Is the Subscription Worth It?
This is the question everyone asks. It depends on your career. If you work in media, tech, or finance, Puck is basically a required trade expense. It’s the stuff people are talking about in the Slack channels that actually matter. If you’re just a casual news consumer, the free newsletters might be enough.
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But there’s a psychological shift happening. People are getting tired of "free" news because they realize they are the product. Paying for Puck feels like buying a filter. You’re paying them to tell you what to ignore just as much as what to read. In a world of infinite noise, a good filter is worth a lot of money.
The Future of News Looks Like This
Puck is a blueprint. We are seeing more of these "boutique" newsrooms pop up. Look at The Free Press or Semafor. They are all chasing the same thing: an audience that is willing to pay for a specific voice and high-level expertise.
The era of the "General Interest" magazine is over. The era of the "Specific Interest" powerhouse is just beginning.
If you want to understand where the world is headed, don't look at the front page of a site trying to get 100 million hits. Look at the small, expensive sites that the people on those front pages are reading in the morning. That’s where the real power lies.
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Puck isn't just a media company. It’s a bet on the intelligence of the audience. In a world that often feels like it's getting dumber, that’s a pretty refreshing gamble.
How to Navigate the New Media Landscape
Stop consuming news passively. If you want to actually understand the forces shaping your life—whether it's the AI boom in San Francisco or the political shifts in D.C.—you need to curate your sources.
- Identify the "Power Verticals" that affect your life. If you're in tech, find the writers who actually understand venture capital, not just the newest gadget.
- Follow the writers, not just the outlets. In the 2026 media environment, the individual journalist’s reputation is more reliable than the masthead they write for.
- Audit your "Information Diet." If everything you read is free, you’re likely getting the PR version of the truth. Consider a "Boutique" subscription to at least one high-value source like Puck or a specialized Substack.
- Look for the "Why." If an article just tells you what happened without explaining the incentives behind it, find a better source. Real news is about the "Who benefits?" question.