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.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
5 snappily written cartoons about vanishing food stamp benefitsCartoons Artists take on SNAP recipients, Halloween generosity, and more
-
The 5 best political thriller series of the 21st centuryThe Week Recommends Viewers can binge on most anything, including espionage and the formation of parliamentary coalitions
-
Sudan stands on the brink of another national schismThe Explainer With tens of thousands dead and millions displaced, one of Africa’s most severe outbreaks of sectarian violence is poised to take a dramatic turn for the worse
-
Google avoids the worst in antitrust rulingSpeed Read A federal judge rejected the government's request to break up Google
-
Supreme Court allows social media age check lawSpeed Read The court refused to intervene in a decision that affirmed a Mississippi law requiring social media users to verify their ages
-
Nvidia hits $4 trillion milestoneSpeed Read The success of the chipmaker has been buoyed by demand for artificial intelligence
-
X CEO Yaccarino quits after two yearsSpeed Read Elon Musk hired Linda Yaccarino to run X in 2023
-
Musk chatbot Grok praises Hitler on XSpeed Read Grok made antisemitic comments and referred to itself as 'MechaHitler'
-
Disney, Universal sue AI firm over 'plagiarism'Speed Read The studios say that Midjourney copied characters from their most famous franchises
-
Amazon launches 1st Kuiper internet satellitesSpeed Read The battle of billionaires continues in space
-
Test flight of orbital rocket from Europe explodesSpeed Read Isar Aerospace conducted the first test flight of the Spectrum orbital rocket, which crashed after takeoff
