It seems Facebook co-founder Chris Hughes cares more about finding a new life for old media rather than making millions. The 28-year-old Hickory, N.C. native is taking a majority stake in the 98-year-old liberal magazine, the New Republic.
Baby-faced Hughes brings with him a sizable amount of expertise in new media. In addition to helping start the world's largest and most successful social networking site, he played a central role in the online efforts that made Barack Obama's presidential campaign a hit with young voters.
"Profit per se is not my motive," Hughes told the New York Times blog Media Decoder about his latest investment.
Hughes will become the New Republic's publisher and editor in chief. Martin Peretz, the former editor in chief who oversaw editorial operations from 1975 to 2010, will become a member of its advisory board. Richard Just will remain the magazine's editor.
The price Hughes paid for his stake wasn't disclosed. He said he wants to find new ways to distribute the magazine's long-form stories via tablet computers, such as Apple's iPad.
Hughes, worth an estimated $845 million, was a roommate of Mark Zuckerberg's at Harvard and ran publicity for Facebook during its early years. He left the company in 2007.
Win Some, Lose Some (Chain Store Age)
Women's apparel retailer Ann Inc. plans to open 65 new stores this year, while reducing the size of some underperforming Ann Taylor locations and closing 30 other stores.
Luxurious Earnings (WSJ)
Neiman Marcus's second-quarter earnings jumped 91% to $40 million due to heavy spending among luxury shoppers. The high-end department store chain opened its 42nd store in Walnut Creek, Calif.
Doors Closing (Retailing Today)
Belgian supermarket company Delhaiz is closing 146 stores, most of them in the U.S., as its profits dwindle. The company's fourth quarter earnings dropped 48%.
Untapped Business (Sales Machine)
Sales Machine suggests seven hidden places to look for new clients, including corporate press releases and Hoovers.com.
Gillett's New Gig (Retailing Today)
Former Starbucks executive Stephen Gillett is joining Best Buy as head of its digital and global business services.
Joining the C-Suite (WSJ via FINS)
Here are six pointers for those interested in joining the upper ranks of the corporate world, a.k.a. the c-suite.
All Digital Line-Up (AllThingsD)
AllThingsD announced its conference lineup for 2012. Speakers include New York Mayor Michael Bloomberg as well as Napster founder Sean Parker.
Buzz Around the Office
These waddlers were on their way to a movie premiere. Really.
List of the Day: Asking for a Raise
The private sector continued to add jobs last month, which means some companies are increasing their spending. Know the rules if you plan to ask your boss for a raise.
1. Make your case after a big success.
2. Come prepared with proof of your accomplishments.
3. Never use a company-hosted event to ask for a raise.