Mar 03 2025 61 mins 8
Puck’s famed journalist-centric publishing model is changing. Sort of.
The news outlet debuted in 2021 with its journalists as the company’s audience-facing focal point, not the publication. People would subscribe less so to Puck than to Matthew Belloni’s or Julia Ioffe’s newsletters via Puck. And Puck’s journalists were, in part, compensated directly for the subscribers they attracted. Lately though, Puck’s newsletters have come to resemble publications in their own right.
“You almost have sub-brands under Puck that are franchises anchored by core talent versus in probably that first two years, it was a newsletter anchored by core talent,” said Puck CEO Sarah Personette on the latest Digiday Podcast episode.
Belloni’s entertainment-oriented “What I’m Hearing” newsletter, for example, has enlisted contributors like legal expert Eriq Gardner and, most recently, former The Hollywood Reporter editor Kim Masters. Similarly, Lauren Sherman’s fashion-centric “Line Sheet” regularly features entries from retail writer Sarah Shapiro and beauty journalist Rachel Strugatz. This development has coincided with Puck’s paid subscriber base growing by 30% in the past year, with Personette expecting the company to become profitable this year.
“Putting journalists at the center of our model still exists, but what we are trying to do, as our subscriber base has experienced incredible growth over the last few years, we want to make sure that we’re rounding out the stories and we’re rounding out the coverage by bringing other journalists in,” said Personette.
The expanding nature of Puck’s newsletters raises the question of to what extent does Puck’s compensation model also have to change. Puck gained a lot of initial attention for paying bonuses to its journalists for the new subscribers their articles attract as well as for the subscribers they retain. But how’s that work if an article by Masters attracts a subscriber via Belloni’s newsletter?
“So [Belloni] is a franchise manager, and there are different benefits to being a franchise manager. And he also is driving a ton of his own subs. And then we also want to make sure that the individuals that are contributing to that franchise also get bonus-ed,” Personette said.
