New Republic owner puts magazine up for sale

NEW YORK (Reuters) - The New Republic is up for sale, owner Chris Hughes said on Monday, prompting a backlash over his handling of the left-leaning magazine known for its commentary on politics and the arts. Hughes, a Facebook Inc co-founder, bought a majority interest in the magazine in 2012. Last year, a number of staffers resigned, including editor Franklin Foer and literary editor Leon Wieseltier, due to disagreements over its direction, according to various media reports. "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," Hughes wrote in a letter posted to the digital publishing platform Medium. "Over the coming weeks, I'll pursue conversations with those interested in taking on the mantle and supporting the next era of this institution." The news sparked an immediate response on social media, including some jabs at Hughes by former New Republic writers. Washington Post Wonkblog writer Matt O'Brien (@ObsoleteDogma) said on Twitter: "Godspeed to Chris Hughes at whatever he fails at next in his quest to prove that he didn't just win the Harvard roommate lottery." Hughes's roommate at Harvard University was Mark Zuckerberg, Facebook's founder and chief executive. Ryan Lizza (@RyanLizza), who spent nine years at The New Republic and has previously written about turmoil at the magazine, tweeted the latest cover of New Yorker magazine: a depiction of North Korea leader Kim Jong-un as a baby playing with toy airplanes and missiles. "Too lazy to photoshop this, but just imagine Chris Hughes' face here and a copy of TNR in his left hand," Lizza, who writes for the New Yorker, said on Twitter. Many thought the criticisms were justified. CNN media reporter Dylan Byers (@DylanByers) pointed out: "Chris Hughes backlash isn't simple schadenfreude. You don't just get to destroy a 100-year-old institution & upend people's lives in process." Indeed, Hughes noted in his letter that he underestimated the difficulty in transitioning from a traditional, old institution into a digital media company. "Perhaps it should be run as part of a larger digital media company, as a center-left institute of ideas, or by another passionate individual willing to invest in its future," he wrote. (Reporting by Anjali Athavaley; Editing by Richard Chang)