Facebook co-founder Chris Hughes has put The New Republic up for sale, nearly four years after purchasing the storied magazine, saying it needs a new business model. The publication suffered an upset a year ago after several senior staff members left over masthead changes after the print magazine was cut from 20 to 10 issues a year. Hughes called the acrimonious splits damaging but not fatal, The Wall Street Journal reported. Hughes said in a staff memo, “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.”
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