The owner of Britain’s Guardian newspaper confirmed on Wednesday 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 has promised readers that it will honour the paper’s historic values.
Tortoise was launched in 2019 by James Harding, a former editor of the London Times and director of news at the BBC, Matthew Barzun.
“The Observer has a historic place in the world of journalism and a special place in the heart of its readers,” said Harding. “We’re excited to put all we have into making sure its values, interests and passions reach even more people in the many years to come.”
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 take a 9 per cent stake in Tortoise Media and commit £5 million into Tortoise Media as part of the £25 million investment, much of which will be focused on establishing The Observer’s own digital identity.
“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.
