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. “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.”
Hughes apparently has already had discussions with potential buyers, including other media companies and philanthropic groups.