Sale would end Facebook co-founder’s stormy three-year ownership, which has been marked by staff exits as the prestige publication shifted to digital
Tech mogul Chris Hughes’ tumultuous ownership of the New Republic magazine may be coming to an end.
Hughes, who co-founded Facebook, took a majority stake in the financially strapped prestige magazine in 2012. But the ousting of admired editor Franklin Foer to install former Yahoo exec Guy Vidra led to a wave of staffer defections.
On Monday, Hughes said in a memo to staff that he was seeking a new owner and that he underestimated the difficulty of transitioning the century-old magazine into a digital-focused enterprise.
“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,” the memo, which was posted online, said.
Hughes reached out to a variety of potential buyers, including larger media companies, digital startups and philanthropic groups, and held some preliminary talks about the sale, according to the Wall Street Journal, citing a person familiar with the matter.