New Tribune owner

The consortium of unions which has helped the independent Labour magazine Tribune to keep going over the past five years has agreed the sale of its 51% stake for £1.

The unions — UNISON, T&G (Unite), Amicus (Unite), Community, ASLEF and the CWU — will pay off existing liabilities before the sale.

The prospective purchaser — described by Tribune as “a Labour Party activist” — is offering to underwrite the magazine’s losses with an annual £40,000 marketing strategy, and has written to the Tribune board promising to “keep Tribune as a left-of-centre publication”.