Facebook Cofounder Buys TNR

Chris Hughes, cofounder of Facebook and the Harvard roommate of Mark Zuckerberg, has purchased the struggling Washington-based liberal political magazine The New Republic. No price has been announced yet, but Hughes now becomes the publisher and editor in chief of the respected publication. Former owner and editor Marty Peretz sold the magazine in 2007 and bought it back two years later, but was searching for another benefactor. With Hughes, Peretz found a person who doesn't require TNR to be profitable, but Hughes said that he believes the magazine could make money.