The liberal journal The New Republic was already facing bankruptcy when it was taken over a few years ago by Chris Hughes, a young progressive millionaire who became rich by being assigned to the same Harvard dorm as Facebook founder Mark Zuckerberg.
Hughes planned to turn the leftist publication even further left but that didn’t work out.
The Wall Street Journal reports:
New Republic Owner Chris Hughes Puts Magazine Up For Sale
A year ago, Chris Hughes, owner of the New Republic, vowed to continue his fight to transform the century-old magazine into a more digitally-focused media operation, despite a mass walkout by staffers who bristled at his efforts. On Monday, he said he was done.
The 32-year-old Mr. Hughes announced that he is putting the magazine up for sale. He admitted he had underestimated “the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate.”
“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 wrote in a memo to staff.
The admission of defeat marked a sharp reversal from 2012 when the Facebook co-founder purchased a majority stake in the struggling magazine and expressed high hopes that the fast-evolving digital landscape had created great opportunities to “reinvigorate” the brand.
Hughes sent a memo to New Republic employees yesterday:
The New Republic’s Next Chapter
To the staff of The New Republic,
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. 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.
$20 million dollars down the drain.
Maybe MSNBC is hiring.
(Image:Source)
