Facebook's Chris Hughes to sell The New Republic

Facebook co-founder Chris Hughes announced in a memo Monday that he is selling The New Republic magazine, The Wall Street Journal reports. A century-old publication that was called the "in-flight magazine of Air Force One" during the Clinton administration, The New Republic faced a digital push and mass exodus of staff under Hughes' control, beginning in 2012.

"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. 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 wrote in his memo. He further cited "the difficulty of transitioning an old and traditional institution into a digital media company in today's quickly evolving climate" as a reason for seeking a new owner.

An anonymous source told The Wall Street Journal Hughes was considering a non-profit structure as a possible remedy for the magazine's difficulties. Talks with potential buyers, including larger media companies, startups, and philanthropic groups, have already begun.

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