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Chris Hughes, the Facebook-made millionaire owner of The New Republic, announced he's rehiring an old face to run the magazine and that he's not worried about it making a profit right away.

The New York Times' Julie Bosman and Christine Haughney spoke with Hughes about his new plans. He announced he's bringing back former editor Franklin Foer, who left the paper in 2010. Foer, according to the Times, "was widely credited with bringing life and energy to the magazine even in the face of chronic budget cuts" during his first run with TNR. Which will make the new stint in his old job interesting, because Hughes also announced he's going to spend a whole lot of money expanding the magazine.

Hughes has plans to open a New York office. He wants the magazine to start competing with mags like The New Yorker and The Economist, or New York Magazine. He's going to redesign the web site and the print edition, as well as expand the page count of the print edition. It's all part of "an ambitious plan" to revitalize the magazine. "I want everyone from Michael Bloomberg to Zadie Smith to Sheryl Sandberg to read The New Republic," Hughes told the Times.

Also: he's hiring. Hughes wants to bring in a young cast of good writers. "Our goal is to recruit a lineup of all-stars," Hughes added. "We want to hire great people, and quality costs money." Hughes wants to expand the editorial team from 15 people to 30. Hughes said he sees The New Republic as "a long term investment" that could take years to pay off, so making a profit right away wasn't a big concern.

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