Starting from the well known stable free radical 2,2-diphenyl-1-picrylhydrazyl (DPPH; 2a) and its congener 2,2-diphenyl-1-(4-cyano-2,6-dinitrophenyl)hydrazyl 2b, or from their reduced hydrazine counterparts 1a,b, it was possible to obtain the p-quinonoid compounds 4a,b by oxidation with ceric (Ce⁴⁺) sulfate, which by reduction gave the corresponding hydroxyl derivatives 2-phenyl-2-(4-hydroxyphenyl)-1-picrylhydrazine 5a or 2-phenyl-2-(4-hydroxyphenyl)-1-(4-cyano-2,6-dinitrophenyl)hydrazine 5b. These hydroxyl derivatives (5a,b) react with 4-carboxy-TEMPO or 2,2-diphenyl-1-(4-carboxy-2,6-dinitrophenyl)hydrazine to form the corresponding esters 6a,b or 8a,b. These esters (6a,b and 8a,b) lead to the hybrid hetero diradicals (nitroxide–hydrazyl type) 7a,b or homo biradicals (hydrazyl–hydrazyl type) 9a,b by oxidation with lead dioxide or potassium permanganate. The new compounds were characterized by UV-vis, NMR, EPR, and MS analysis, and their magnetic behaviour was investigated.