Facebook co-founder acquires 'The New Republic'
New York—Chris Hughes, co-founder of Facebook, has acquired a controlling stake in The New Republic from a group that included Laurence Grafstein, chairman of the publication's advisory board. Financial terms of the deal for the 50,000-circulation publication were not disclosed.
Hughes, who also helped run President Obama's online campaign in 2008, will be publisher and editor in chief of the liberal publication. In an interview with the New York Times, Hughes said he hoped to increase The New Republic's presence on tablets. “In the next era of The New Republic, we will aggressively adapt to the newest information technologies without sacrificing our commitment to serious journalism,” Hughes wrote in a letter on TNR.com.
Additionally, he told the Times: “I'm investing and taking control of The New Republic because of my belief in its mission, not to make it the next Facebook.”