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.