Chris Hughes is Over The New Republic, Slaps a For Sale Sign on The Magazine

The New Republic which went through a mass exodus over a year ago because of what some say was gross mismanagement, is now now up for sale. Chris Hughes bought the magazine back in 2012,  and installed his hand picked leadership. Just a year ago he appointed former Yahoo News GM Guy Vidra as CEO. Mr. Vidra came in with the vision of transforming the old culture and mentality at the magazine into a lean mean digital machine. He wanted the place the act and think like a start up. But the strategy was confusing to employees and even those of us outside looking in.  No word on what this will mean for the current editorial and business leadership, but one thing's for sure, Mr. Hughes wants out and he wants out fast after dumping $20 million in the thing.

“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,” the memo read. “Although I do not have the silver bullet, a new owner should have the vision and commitment to carry on the traditions that make this place unique and give it a new mandate for a new century.”

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