The owner of Britain’s Guardian newspaper confirmed 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 honor 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, and the former U.S. ambassador to London, 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 on 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, much of which will be focused on establishing The Observer’s own digital identity — currently, its online presence is very much secondary to that of the Guardian’s.
“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.
Tortoise said that the first Observer edition under its ownership is expected to be published in the spring.
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.
Tortoise has committed to meeting all the key employment terms for any members of staff, as well as freelancers and contributors, who wish to continue to work on The Observer.
Harding said he respected that “people have had different views on the best way forward” for the Observer.
