The New Republic purchased by Tin House's Win McCormack

The century-old politics and culture magazine The New Republic has had a turbulent few years, the most recent turn of which saw them put up for sale by their owner, Facebook co-founder Chris Hughes. On Friday, however, the magazine seems to have once again found a way to survive — by being purchased by Win McCormack, the editor-in-chief of the literary magazine Tin House and former publisher of Oregon Magazine. McCormack is also a political activist, having served as a member of the Obama for President Oregon Finance Committee and recently hosting a fundraising dinner for Hillary Clinton.

"The New Republic was founded in 1914 as the organ of a modernized liberalism and then-dominant Progressive Movement, and has remained true to its founding principles, under all its multiple owners, ever since," McCormack said, as reported by The Huffington Post.

McCormack added that, "We intend to continue in that same tradition, preserving the journal as an important voice in a new debate over how the basic principles of liberalism can be reworked to meet the equally demanding challenges of our era."

Hamilton Fish will serve as The New Republic's publisher and editorial director, and was the former publisher of The Nation.