Facebook billionaire Chris Hughes announced Monday that he would be selling The New Republic, the century-old magazine he purchased in 2012.
“I bought this company nearly four years ago to ensure its survival and give it the financial runway to experiment with new business models in a time of immense change in media. After investing a great deal of time, energy, and over $20 million, I have come to the conclusion that it is time for new leadership and vision at The New Republic,” Hughes said in a memo to staff.
“Although I do not have the silver bullet, a new owner should have the vision and commitment to carry on the traditions that make this place unique and give it a new mandate for a new century,” he concluded.
Hughes’ tenure as owner of The New Republic was fraught with controversy. Hughes’ vision of the magazine as a digital property more in line with publications like Slate and Salon led him to butt heads with traditionalists at the paper. In 2014, Hughes fired longtime editor Franklin Foer, leading to a mass exodus of staff.
Industry reviews of Hughes tenure were almost entirely negative. After the Foer snafu, TNR alum and Washington Post columnist Dana Milback wrote a column bluntly titled “The New Republic is dead, thanks to its owner, Chris Hughes.”
[Image via screengrab]
>>Follow Alex Griswold (@HashtagGriswold) on Twitter
Have a tip we should know? firstname.lastname@example.org