Chris Hughes Buys  

Chris Hughes has bought a majority stake in The New Republic, confirming January speculation that the Facebook cofounder was angling to purchase the political magazine.

The New York Times reports:

Mr. Hughes, 28, will become publisher and the editor in chief of the magazine, and Richard Just will remain the editor. Martin Peretz, who was editor in chief from 1975 until 2010, when his title was changed to editor in chief emeritus, will become a member of the magazine's advisory board.

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.

Hughes, who oversaw social media outreach for President Obama's campaign and is engaged to Freedom to Marry political director Sean Eldridge, will take over as publisher and editor in chief, with Richard Just continuing as editor.