Quoted: The New Republic’s status update: bought by Facebook co-founder

“In the next era of The New Republic, we will aggressively adapt to the newest information technologies without sacrificing our commitment to serious journalism.”

Chris Hughes, former roommate of Mark Zuckerberg and co-founder of Facebook, has bought The New Republic magazine. Hughes is 28, the magazine 98. Another key number, the purchase price, has not been disclosed. Hughes reportedly has a 1 percent stake in soon-to-be-public Facebook, and last year Forbes estimated his net worth at $700 million. The former head of Barack Obama’s presidential social-media campaign will be publisher and editor in chief of the money-losing magazine, according to the New York Times, which ran a couple of quotes from Hughes that suggest both a new media/old media way of thinking: “Five to 10 years from now, if not sooner, the vast majority of The New Republic readers are likely to be reading it on a tablet,” and “Profit per se is not my motive.”

 

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