The leftwing weekly Tribune will close after its 31 October edition unless a buyer can be found.
At a meeting of its board last night, its trade union shareholders agreed to what its editor Chris McLaughlin called an "amicable parting of the ways" with the magazine. Tribune is now actively seeking a new owner.
McLaughlin said that he was optimistic about interest already being shown but that a deal would have to be done very soon to ensure continuity of publication.
A consortium of five trade unions took over ownership of Tribune four years ago, promising substantial investment in the magazine. But the unions declined to give financial support to a business plan put forward earlier this year by McLaughlin and his team.
Tribune, founded in 1937 by Sir Stafford Cripps and Aneurin Bevan, has lived a precarious existence for most of its life. It currently sells 4,000 copies a week.