WELL, THAT WAS FAST: New Republic Owner Chris Hughes Puts Magazine Up For Sale:

The New Republic, the century-old magazine that was rocked a year ago by the mass exodus of its staff following an effort by its owner to make it more digitally focused, is being put up for sale.

Chris Hughes, a co-founder of Facebook who purchased a majority stake in the struggling title in 2012, said in a staff memo Monday that he had underestimated “the difficulty of transitioning an old and traditional institution into a digital media company in today’s quickly evolving climate,” and would seek to find a new owner.

“After investing a great deal of time, energy, and over $20 million, I have come to the conclusion that it is time for new leadership and vision at The New Republic,” the memo read. “Although I do not have the silver bullet, a new owner should have the vision and commitment to carry on the traditions that make this place unique and give it a new mandate for a new century.”

Marty Peretz’s emotions right now must be the textbook definition of Schadenfreude.

As John Podhoretz notes, a silver bullet is used for shooting monsters, not for rehabilitating magazines. Although considering it’s a magazine devoted to growing parasitic leftwing government ever-larger, perhaps that’s an appropriate Freudian slip for Hughes.

Finally, I know you’ll be very disappointed to learn that this announcement will likely slowdown the arrival of TNR-branded coffeehouses.

Since the Vox/Buzzfeed-ification of TNR has failed, perhaps the next owner will implement Iowahawk’s modest plan for pumping a little energy and fun into the dour publication.

UPDATE: And speaking of Schadenfreude!