Magazines like The New Republic are effectively public-facing think tanks, and were never meant to be enterprises. Print journalism as a whole is going in that direction. Billionaires like Carlos Slim and Jeff Bezos will prop up the big papers, and multi-millionaires like Chris Hughes will prop up the little papers.

Hughes (bizarrely) confused himself with a businessman, and confused TNR with a business. No. It's always been a political mouthpiece. You're supposed to lose money.