Facebook Co-Founder Chris Hughes Buys 'New Republic'

Facebook Co-Founder Chris Hughes is the new owner of left-leaning political magazine The New Republic, with his purchase of a majority stake to be announced Friday.

Facebook Co-Founder Chris Hughes is the new owner of left-leaning political magazine The New Republic, with his purchase of a majority stake to be announced Friday.

Hughes first expressed interest in the publication in January, when its owners, including Editor-in-Chief Martin Peretz, hired The Blackstone Group to oversee the sale process.

His sale of his stake in Facebook enabled Hughes to take the plunge, as he was no longer listed as a top shareholder in the social network’s S-1, filed with the Securities and Exchange Commission in preparation for the upcoming initial public offer.

In addition to Facebook, Hughes ran the online portion of the election campaign for President Barack Obama, and launched charity-driven social network Jumo in 2010.

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