Obama Money Man And Organizer Chris Hughes Buys 'The New Republic'

Major Obama and progressive Democrat donor Chris Hughes has gone from co-founding Facebook to running Obama's online organizing, to buying a magazine he wants to grow digitally. He did all of this while not worrying about profit. What could go wrong?

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.

It's unusual to hear an investor say profit isn't his motive, "per se." But then again, his political donations suggest he doesn't really need it. Put one more one percenter in Obama's camp. But what about the magazine? I suppose Obama could offer him a bail out if subscriptions go south!

The terms of the sale were not disclosed. Mr. Hughes said he was motivated by an interest in “the future of high-quality long-form journalism” and by an instinct that such journalism was a natural fit for tablets. He said he would “expand the amount of rigorous reporting and solid analysis” that the magazine produces.

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.”

Between Open Secrets and FEC records, Hughes gave $20,800 to Obama Victory Fund 2012. It's nice to know Hughes will have something to do besides work for, or donating to, Obama and other progressive Democrats, unless TNR becomes something of a contribution in kind. But that would never happen, would it? What would Media Matters have left to do for him? Hughes also launched Jumo after leaving Facebook.

Hughes, Chris New York,NY 10013 Jumo International

6/15/11 $15,800 DNC Services Corp (D)

6/5/11 $10,000 Democratic Congressional Campaign Cmte (D)

2/9/11 $2,500  Gillibrand, Kirsten (D)

2/9/11 $2,500 Gillibrand, Kirsten (D)

6/15/11 $2,500 Obama, Barack (D)

9/25/11 $1,000 Cicilline, David (D)


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