For more than a century, rich guys who think they’re smarter than the rich guys who came before them have been buying money-losing publications under the impression that by spending more money than their deep-pocketed predecessors, they’ll turn the red ink black. This tradition, whose ranks include such modern vanity moguls as Mortimer Zuckerman (Atlantic, U.S. News & World Report), Sidney Harman (Newsweek), Arthur L. Carter (Nation, New York Observer), Philip Anschutz (San Francisco Examiner, Weekly Standard), David Bradley (Atlantic, National Journal), Michael Bloomberg (Bloomberg Businessweek), Richard Mellon Scaife (Pittsburgh Tribune-Review), and Martin Peretz (New Republic), gained a new adherent about a year ago when Chris Hughes, a Facebook co-founder whose net worth currently bounces around in the vicinity of the half-billion mark, purchased the New Republic.
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.