Facebook co-founder Chris Hughes announced Monday morning that he has given up trying to manage The New Republic, and said in a memo to staff that he is putting the struggling left-wing magazine up for sale.
“I have some difficult news today: I have decided to put The New Republic up for sale. 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,” he wrote.
“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,” he added.
Hughes, 32, purchased the 102-year-old magazine in 2012, and announced his plans to transform the publication from its more traditional format into a sleek new online media venture.
His efforts to update The New Republic were met with fierce pushback from some of the magazine’s old guard, resulting eventually in mass resignations and the firing of longtime editor Franklin Foer. The sudden loss of staff even forced the magazine to cancel an issue.
“[I] will be the first to admit that when I took on this challenge nearly four years ago, I underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate,” Hughes’ memo read Monday.
“When I bought The New Republic, it was teetering on the edge of bankruptcy, and I believed that an institution as old and important as it should survive and evolve in an era where its values were still relevant and needed,” he added. “This place stands for some of the best and most important elements of liberalism: a belief in the role of government to correct free markets, in the power of representative democracy to hold the elite accountable, and in America’s responsibility to be a force for good in the world. These values have sustained and animated not just me, but this tireless and dedicated team over the past few years.”
Hughes’ short tenure at the helm of The New Republic has earned him little in the way of praise of from left-leaning members of the press, but his attempt to run the magazine has certainly won him an impressive share of harsh criticism.
“Over the coming weeks, I’ll pursue conversations with those interested in taking on the mantle and supporting the next era of this institution. My aim is to place The New Republic in the hands of the most promising and dedicated potential steward. This next chapter could take many forms. Perhaps it should be run as part of a larger digital media company, as a center-left institute of ideas, or by another passionate individual willing to invest in its future,” the tech billionaire wrote in his memo.
“There are many possibilities. 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 added.
