Portland publisher Win McCormack announced Friday that he bought The New Republic, one of the nation’s oldest political magazines.

McCormack is the heir to a Midwestern banking fortune and is Oregon’s largest individual donor to Democratic causes. In August, he co-hosted a fundraiser at his Dunthorpe home for Hillary Clinton. In December he gave $100,000 to a super PAC that conducts opposition research for Democratic candidates.

McCormack is purchasing The New Republic from Facebook co-founder Chris Hughes, whose attempts to remake the magazine led to a mass staff walkout in 2014.

McCormack said that Hamilton Fish will become publisher and editorial director of the magazine. Fish is a former publisher of The Nation and the brother of Portland Commissioner Nick Fish.

In a statement, McCormack said the magazine was founded in 1914 as an organ of “modernized liberalism” and that he intends to follow in that tradition. McCormack founded Portland’s Tin House, which publishes books and a literary magazine.