Chris Hughes, the co-founder of Facebook who purchased The New Republic several years ago, has put the century-old publication up for sale.
Hughes, 32, told his staff on Monday that it was “time for new leadership and vision” at the magazine that he acquired in 2012.
{mosads}”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 wrote in a letter to employees.
“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,” Hughes wrote Monday.
A large number of journalists on The New Republic’s masthead resigned in December 2014, following editor Franklin Foer and literary editor Leon Wieseltier out the door.
Hughes had hired a new chief executive, Guy Vidra, who told staffers that he wanted to recast the magazine “as a vertically integrated digital media company.”
Hughes said Monday that the question of whether The New Republic can “find a sustainable business model” continues to loom over the publication.
“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 wrote to the staff.