Please note that this was published on the morning of April 1. Kevin McGrath remains proprietor of Tribune.
Tribune, the left-wing journal founded by Aneurin Bevan in 1937, is facing a hostile takeover bid from Russian businessman Alexander Lebedev. Mr Lebedev, who also owns the London Evening Standard and the Independent, as well as Russian newspaper Novaya Gazeta, has offered to buy 75 per cent of the magazine’s shares for a nominal payment of £1.50, 50 per cent more than he paid for the Evening Standard, valuing the magazine at £2.
In a statement he said that the prestigious weekly – which once boasted Nineteen Eighty Four author George Orwell as its Literary Editor - would be an invaluable addition to his publishing stable, due to its reputation as a forum for radical debate.
Under the terms of the proposed deal current publisher Kevin McGrath would retain a 25% stake in the magazine, and would continue as an active member of the board. Mr Lebedev has promised to maintain investment in the magazine.
Under the stewardship of a consortium of trade unions the once-ailing journal has been nurtured into new ownership and under Mr McGrath’s new Board has stabilised its future potential and is increasing circulation, due largely to resources pumped into a revamped website and marketing strategy.
Mr Lebedev said: “I look forward and would be proud to be involved with such an institution of British journalism, and pledge that Tribune will function as ‘the sword and the shield’ for the democratic left in Britain.”
Mr McGrath said: “I can understand why any newspaper proprietor with an eye on an upcoming journal would want to gain control of Tribune but my commitment is total and it is now poised to fulfill its full potential in an expanded market.”
A deadline for negotiations has been set at noon today, after which media enquiries should be directed to Chris McLaughlin, Editor, Tribune, on 020 7222 9000.
Note for editors: Mr Lebedev’s new proposed new masthead for the magazine can be seen on the right.
