Chris Hughes, who bought the New Republic in 2012, is done with it. According to The Wall Street Journal, Hughes has put the magazine up for sale.
Hughes has decided to sell the magazine because the media business is just not that easy. In a memo to staffers, Hughes explained he 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,” continued Hughes.
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