New Republic for Sale After Rocky Year Under Facebook Co-Founderby
Publisher to meet with interested buyers in coming weeks
`I do not have the silver bullet,' Chris Hughes says
The New Republic has been put up for sale.
“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,” Chris Hughes, the magazine’s owner and publisher, wrote in a note to staff Monday.
In 2012, the Facebook Inc. co-founder bought a majority stake in the New Republic, which was founded in 1914 to cover U.S. politics, foreign policy and culture. At the time he bought it, the magazine was “teetering on the edge of bankruptcy,” Hughes, 32, wrote Monday in the note published on the site Medium.
Hughes’ tenure has been tumultuous. In December 2014, at least 28 of the magazine’s editors resigned following the decision that the print publication frequency would be halved to 10 issues a year and two top editors would leave.
“I underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate,” Hughes wrote in the note.
He said he would talk with interested buyers in coming weeks.
“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.” Hughes said.