The New Republic, the century-old magazine that was rocked a year ago by the mass exodus of its staff following an effort by its owner to make it more digitally focused, is being put up for sale.
Chris Hughes, a co-founder of Facebook who purchased a majority stake in the struggling title in 2012, said in a staff memo Monday that he had underestimated “the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate,” and would seek to find a new owner.
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