Chris Hughes, Facebook co-founder and founder of social action site Jumo, bought online magazine The New Republic (TNR), paidContent.org reports. The terms of the sale were not disclosed. Hughes has purchased a majority stake in TNR. He will become publisher and editor-in-chief of the magazine.
The magazine will "aggressively adapt to the newest technologies," Hughes said in a statement. TNR added paywall tiers, a premium channel, and four blogs in 2010. The magazine also released an iPad app last August.
Richard Just remains editor and Martin Peretz, former editor-in-chief, moves to TNR's advisory board. The magazine is currently owned by Peretz and a group of investors, who bought it back from CanWest Global Communications Corp. in 2009.