The owner of Britain’s Guardian newspaper confirmed on Wednesday (December 18, 2024) that it has sold the Observer, the world’s oldest Sunday newspaper, to Tortoise Media for an undisclosed fee.
The Scott Trust, which owns the Guardian Media Group, said in a statement that Tortoise Media is purchasing the Observer through a combination of cash and shares.
The Observer, which was founded in 1791 and became part of the Guardian Media Group in 1993, is a bastion of liberal values in Britain’s media landscape.
Tortoise was launched in 2019 by James Harding, a former editor of the London Times and director of news at the BBC, and the former U.S. ambassador to London, Matthew Barzun.
As part of the deal, Tortoise has agreed a five-year commercial agreement with GMG, which will see it pay for both print and distribution services, as well as marketing through the Guardian. The Scott Trust will also take a 9% stake in Tortoise Media and commit 5 million pounds ($6.3 million) into Tortoise Media as part of the 25 million-pound investment.
“This deal secures fresh investment and ideas for the Observer that will take the title to new audiences and enhance the role liberal journalism plays in our society,” said Ole Jacob Sunde, chair of the Scott Trust.
It was also announced that Lucy Rock has been appointed the print editor of the Observer, the first woman to oversee the newspaper in 100 years. She will work alongside a digital editor, as the Observer builds its own online brand. Rock will report to Harding, who will be editor-in-chief.
The proposed sale has been opposed by journalists across the Guardian Media Group, culminating in a 48-hour strike earlier this month.
Published – December 18, 2024 06:20 pm IST
