LONDON — The owner of the UK’s Guardian newspaper announced on Wednesday that it has finalized the sale of The Observer, recognized as the world’s oldest Sunday newspaper, to Tortoise Media for an undisclosed amount.
The Scott Trust, which governs the Guardian Media Group, released a statement indicating that the transaction involved a mixture of cash and stock in the acquisition of The Observer. Established in 1791 and integrated into the Guardian Media Group in 1993, The Observer is noted for its commitment to liberal journalism within the British media sector. Tortoise Media has pledged to uphold the newspaper’s long-standing principles.
Founded in 2019 by James Harding, a former editor for the London Times and prior director of news at the BBC, alongside Matthew Barzun, the former U.S. ambassador to the UK, Tortoise aims to enhance The Observer’s legacy. Harding expressed his enthusiasm, stating, “The Observer occupies a crucial role in journalism and holds a special significance for its community of readers. We’re eager to channel all our efforts into ensuring its values and interests resonate with even broader audiences in the years ahead.”
Under the terms of the acquisition, Tortoise will engage in a five-year commercial agreement with GMG, which entails payment for print and distribution capabilities, alongside marketing support through the Guardian brand. Additionally, the Scott Trust will acquire a 9% equity share in Tortoise Media and will invest 5 million pounds (approximately $6.3 million) as part of a larger commitment of 25 million pounds aimed at developing The Observer’s digital presence, which is currently limited as compared to that of the Guardian.
“This arrangement provides new investment and innovative ideas for The Observer, promoting its reach to new demographics and strengthening the importance of liberal journalism within our community,” remarked Ole Jacob Sunde, the chair of the Scott Trust.
The first edition of The Observer under Tortoise’s oversight is expected to hit the stands in the spring.
In a historic move, Lucy Rock has been named as the print editor of The Observer, marking the first time in a century that a woman has held the top editing position at the publication. She will collaborate with a digital editor as The Observer seeks to establish its own distinct online brand. Rock will report to Harding, who will serve as editor-in-chief.
It is important to note that the sale faced opposition from many journalists within the Guardian Media Group, culminating in a 48-hour strike that took place earlier this month.
Tortoise has also committed to respecting all essential employment agreements for staff members, freelancers, and contributors who wish to continue working with The Observer. Harding acknowledged the variety of perspectives surrounding the direction of The Observer, stating he appreciates that “people have had different views on the best way forward” for the paper.