Wah, wah, wah:
I have some difficult news today: I have decided to put The New Republic up for sale. I bought this company nearly four years ago to ensure its survival and give it the financial runway to experiment with new business models in a time of immense change in media. 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.
Over the past few years we have made good progress in reinvigorating this institution. Our readership has grown younger and more diverse, largely as a result of our digital strategy. Our journalism has been widely recognized as impactful, impassioned, and more relevant to our nation’s challenges than ever. As a business, we have launched a brand marketing studio called Novel, built a flexible and fast mobile website, and developed our own content management system. We have made it possible for The New Republic to survive and begin to flourish in its second century.
Yet I will be the first to admit that when I took on this challenge nearly four years ago, I underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate. When I bought The New Republic, it was teetering on the edge of bankruptcy, and I believed that an institution as old and important as it should survive and evolve in an era where its values were still relevant and needed. This place stands for some of the best and most important elements of liberalism: a belief in the role of government to correct free markets, in the power of representative democracy to hold the elite accountable, and in America’s responsibility to be a force for good in the world. These values have sustained and animated not just me, but this tireless and dedicated team over the past few years.
As it currently stands, the value of the New Republic is about fifty bucks and dropping. This kid turned a terrible, racist, bigoted magazine into a dumpster fire. The Germans have a word for making something bad into something worse, and it could very well be Müllcontainerfeuer.
Chris Hughes trying to fix something is a Müllcontainerfeuer. Chris Hughes setting $20 million dollars on fire in order to wreck the New Republic is something I can get behind. Kudos to him. A horrible publication had it coming.