Chris Hughes joins the pantheon of vanity press moguls with the announcement today of his purchase of a majority interest in the New Republic. The 28-year-old Hughes, a co-founder of Facebook, commands a net worth that Forbes put “in the $700 million range” last year. Based on this portfolio, Hughes should be able to sustain the magazine’s annual losses — which Anne Peretz, the ex-wife of former owner Martin Peretz put at $3 million a year — for a couple of hundred years after his death.
Of course, vanity press moguls rarely commit to their publications for life, and few sustain the relationship after death. Learning nothing from the vanity moguls who have gone before them, they recycle all of their errors. As their publisher’s promises to cut deficits and turn a small profit go unmet; as the editor he inherited from the previous regime turns out to be a dolt; as the staff gets caught giggling about the stupid things the vanity mogul said in story meetings; as the mag ends up making the vanity mogul enemies instead of the new, powerful friends he wished for, he begins to understand that publishing isn’t the creative paradise he sought.
Despite the heartache of owning marginal publications, millionaire after billionaire has lined up in the last generation to buy in or launch a publication of his own. The vanity moguls’ contemporary ranks include Mortimer Zuckerman (the Atlantic, Fast Company, the Daily News), Richard Mellon Scaife (Pittsburgh Tribune-Review), Harvey Weinstein (Talk), Martin Peretz (New Republic), Arthur L. Carter (The Nation, New York Observer), Jared Kushner (New York Observer), John Warnock and William Hambrecht (Salon), convicted felon Rev. Sun Myung Moon (Washington Times, Insight, World & I, UPI), Sidney Harman (Newsweek), David Bradley (National Journal, the Atlantic), Warren Hellman (Bay Citizen), and Bill Gates (Slate). But they’ve been with us since the 1890s, when William Randolph Hearst used his family fortune to spread his newspaper ego across the nation.