Air Mail, the highbrow news site founded by former Vanity Fair editor Graydon Carter, is exploring a sale, according to a report.
The outlet, which covers topics like style and living, culture and news, hired boutique investment bank Raine Group to explore a sale after it received interest from potential buyers, the New York Times reported.
Talks are still early and may not result in a sale, the paper reported late Tuesday. Neither Carter nor Air Mail immediately responded to requests for comment.
party at Hotel du Cap-Eden-Roc in Cap d’Antibes, France on May 23, 2023. Getty Images for Air Mail LLC.
The company has 34 employees in New York as well as a network of contributors in Milan, Paris and London.
Founded in 2019, Air Mail is known for its weekend email newsletter of Vanity Fair-esque reported features on a smattering of topics including society, true crime, wealth and politics, as well as travel recommendations and shopping tips.
Carter, who co-founded the defunct satirical Spy Magazine before editing the Condé Nast-owned Vanity Fair for 25 years, has tried to expand Air Mail over the years.
The company launched an online store dubbed Air Supply that offers a range of luxury goods, such as a Rimowa suitcase for $1,650, Persol sunglasses for $360, a Leica digital camera for $1,595 and a wood and leather backgammon set from Nick Plant for $4,285.
Air Mail opened a storefront called Air Mail Newsstand in New York’s West Village, London’s tony Marylebone neighborhood and Milan’s charming San Marco district.
The shops sell books, magazines and gifts such as stationery from Kyoto and Christophe Pourny soaps.
The company has also rolled out several podcasts, including one with longtime Vanity Fair contributing editor Mark Seal, who is developing a show based on his book “Leave the Gun, Take the Cannoli” about the making of “The Godfather.”
Earlier this year, Semafor reported that Standard Industries was in talks to acquire Air Mail for $50 million. Those talks fell through and are no longer active, The Times reported.
Over the years, Carter has drawn investments for Air Mail from media and financial players, such as his friend, David Zaslav, the chief executive of Warner Bros. Discovery, private equity giant TPG and RedBird Capital Partners.
The Times reported that Air Mail has raised $32 million thus far at an undisclosed valuation.
The outlet added that if there is a sale, Carter plans to continue his involvement with Air Mail, which has amassed roughly 500,000 subscribers for its newsletter.