The Press Gazette reports:

The trade union owners of weekly left-wing magazine Tribune have agreed to a sale of 51 per cent of the magazine to a Labour party activist for £1.

Tribune is owned by a consortium of trade unions including Aslef and Unison, who took over the title in 2004, but the future of the title has been in question since October editor Chris McLaughlin revealed that he had failed to secure extra investment from the owners, which he said he needed for the title to develop.

The magazine also has a high level of debt, and McLaughlin claims a marketing strategy is needed to boost sales.

The Tribune’s own staff add further information:

The purchaser is offering to buy the 51 per cent stake for £1 and is offering to underwrite the magazine’s losses with an annual £40,000 “cohesive, properly resourced, ring-fence-funded marketing strategy to underpin a three-year drive to move Tribune into a break-even position”.

Any surpluses after that will be ploughed back into the magazine, which will be run as a not-for-profit venture with existing staff.

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