He is also expected to apply his expertise in digital technology in his new role.
The New Republic currently publishes a daily Web magazine. The New Republic did not disclose the financial terms of the transaction or the exact size of the stake.
Hughes co-founded Facebook in 2004 at Harvard with his then- roommates Facebook Chief Executive Mark Zuckerberg and Dustin Moskovitz.
Since working on the Obama campaign Hughes founded Jumo.com in 2010, a non-profit site that aimed to help people find ways to help each other. It was later combined with GOOD in 2011, an online content and social engagement platform.
As well as his new role Hughes will continue to invest independently and work with non-profits like the Knight Foundation.