The left-wing magazine Tribune has been saved from closure after staff agreed to take over the title as a co-operative.
Last Wednesday its publishers Tribune Publications, owned by property investor and former Labour Party European Parliament candidate Kevin McGrath, announced that this week’s edition would be its last unless a new owner could be found.
McGrath, who bought the weekly title from a consortium of trade unions in 2009, said the title had become financially ‘unsustainable”, but also indicated the possibility of the magazine’s six full-time staff taking it over as a co-operative.
A statement on the company’s website said: ‘At the end of talks concluding Friday evening, it was agreed that the title should become a co-operative.
‘Publisher Kevin McGrath has offered to take on historical debts and release the title ‘debt free’ and told the meeting that he would do everything possible to help the success of the transfer to a co-operative.”
The terms of the arrangement are still being drafted by staff.