British newspaper The Observer, over two centuries old, is set to be sold to digital media start-up Tortoise Media. The deal has been agreed upon by the boards of the Guardian Media Group and the Scott Trust, which owns The Guardian. However, journalists at both publications have expressed concerns about the sale, describing it as “rushed” and a risk to their journalism.
The Guardian’s parent company bought The Observer in 1993, but did not disclose the sale price. Instead, the Scott Trust will invest £25 million in Tortoise Media and become one of its largest shareholders. This investment will also give representatives on the editorial boards of both publications.
Ole Jacob Sunde, chair of the Scott Trust, stated that they needed an ally with sufficient funding to preserve The Observer’s journalism while maintaining liberal values. He believes Tortoise Media has met these criteria.
The proposed sale sparked concern among journalists, who questioned the ability of a six-year-old company without a profit record to preserve The Observer’s future. Despite this, the Scott Trust pushed for editorial control over the publication after the sale.
A strike by staff at both newspapers was called off after the announcement, but not before it became clear that prominent figures such as Alan Rusbridger and British authors, actors, and others opposed the sale. The Guardian’s editor-in-chief Katharine Viner expressed confidence in their agreement for a smooth transition.
Tortoise Media focuses on “slow news” with investigative journalism rather than breaking news. Founded in 2018 by James Harding, a former BBC director, and Matthew Barzun, U.S. ambassador to Britain, it aims to combine the two publications into one newsroom. They will put The Observer’s online content behind a paywall while maintaining a print publication on Sundays.
Source: https://www.nytimes.com/2024/12/06/business/guardian-observer-sale.html