The newest owner of The New Republic magazine is Chris Hughes, a new-media guru who co-founded Facebook and helped to run the online organizing machine for Barack Obama’s presidential campaign.Mr. Hughes’s purchase of a majority stake in the magazine will be announced on Friday, once again remaking the masthead of the nearly century-old magazine that helped define modern American liberalism.
His focus, he said in an interview in advance of the announcement, will be on distributing the magazine’s long-form journalism through tablet computers like the iPad.
You can read the whole article at the New York Times here. There are positive and negative consequences to having media properties owned by single individuals or families, rather than by larger conglomerates with private or public shareholders. Can you think of any?[...]Asked how he would turn a profit for the money-losing magazine, Mr. Hughes said, “Profit per se is not my motive. The reason I’m getting involved here is that I believe in the type of vigorous contextual journalism that we — we in general as a society — need.”He added that he hoped the magazine could be profitable. “But I’m investing and taking control of The New Republic because of my belief in its mission, not to make it the next Facebook,” he said.
(P.S. Notice that one of your readings for next week comes from ... The New Republic.)