Britain’s Guardian has agreed to sell its newspaper The Observer to startup Tortoise Media Group for an undisclosed sum. The deal marks a significant shift in the publication of one of the world’s oldest Sunday newspapers, which was first published in 1791.
Tortoise, founded five years ago by ex-BBC News boss James Harding, aims to revive the title as a strong voice in liberal journalism and has raised $32 million to invest in its new venture. The media group plans to give The Observer its own digital identity, with a focus on publishing less breaking news and more narrative investigations, eyewitness reporting, and data journalism.
The sale was met with opposition from staff at both the Guardian and Observer, who staged a 48-hour strike. However, Katharine Viner, editor-in-chief of Guardian News & Media, expressed confidence in the deal, stating that it will see investment in journalism and journalists, while protecting the publication’s ability to produce trusted liberal journalism.
Under the agreement, the Scott Trust, which owns the Guardian, will take a minority stake in Tortoise. The media group plans to put The Observer’s online content behind a paywall, following the successful model of The Atlantic.
The deal has been backed by major investors, including Woodbridge Investments Corporation, an investment vehicle for the Thomson family who are majority owners of Thomson Reuters.
Source: https://www.reuters.com/business/media-telecom/britains-guardian-group-agrees-sell-observer-newspaper-tortoise-media-2024-12-06