Multiple outlets are reporting that Chris Hughes has found a new owner for The New Republic: The Democratic fundraiser, Tin House publisher, and banking scion Win McCormack. The new owner, who is 71, told The Huffington Post that the deal would “preserv[e] the journal as an important voice in a new debate over how the basic principles of liberalism can be reworked to meet the equally demanding challenges of our era.”
Other details are scarce, but what we do know is:
- Hamilton Fish, who has been publisher of The Nation and The Washington Spectator, will become the magazine’s publisher and editorial director
- Noah McCormack, the publisher of The Baffler and the son of Win McCormack, will move from San Francisco to New York to “work on the magazine” in an unspecified role
- Neither Hughes nor McCormack have disclosed the price of the sale
- Like Hughes, McCormack has hosted a fundraiser for Hillary Clinton
Hughes, who bought the magazine in 2012 and invested over $20 million of his own money in its revival, placed the magazine on the market in January after concluding the outlet needed new leadership in order for to survive. (A little over a year prior, his decision to remove editor Franklin Foer resulted in a mass staff exodus.) The degree to which Hughes was motivated by purely financial concerns seems small, though. Shortly after putting the magazine on sale, Hughes and his husband Sean Eldridge purchased a West Village townhouse, complete with a detached carriage house and an underground tunnel, for $23.5 million.