Over the last couple of years we’ve noted here, here, here, and here about the travails of the once-worthy New Republic under its punk owner Chris Hughes, a Facebook mogul who thought his early riches equaled wisdom. Today the predictable announcement was made: Hughes is dumping the magazine:
The New Republic, the century-old magazine that was rocked a year ago by the mass exodus of its staff following an effort by its owner to make it more digitally focused, is being put up for sale.
Chris Hughes, a co-founder of Facebook who purchased a majority stake in the struggling title in 2012, said in a staff memo Monday that he had underestimated “the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate,” and would seek to find a new owner.
“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,” the memo read. “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.”
Boy, no one could see this coming.
UPDATE: Ira Stoll of the New York Sun has more here.