Guardian enters formal negotiations to sell Observer to Tortoise Media
The Guardian's parent company has confirmed speculation that it in discussions with Tortoise Media to sell The Observer, the world's oldest Sunday newspaper.
The Guardian Media Group (GMG) and Tortoise announced on Tuesday afternoon that they have agreed to enter "formal and exclusive negotiations".
Founded in 2019 by former BBC News chief James Harding, Tortoise said it has approached GMG with an offer for The Observer and a commitment to invest £25m over the next five years in the editorial and commercial renewal of the publication.
GMG chief executive Anna Bateson labelled the potential deal an "exciting strategic opportunity", allowing The Guardian to focus on its growth to be "more global, more digital and more reader-funded".
Though Tortoise didn't disclose all the terms of its approach, it promised to continue publishing the paper every Sunday and build the digital Observer, combining the title with its own podcasts, newsletters and live events.
“We think The Observer is one of the greatest names in news," Harding said in a statement.
"We believe passionately in its future – both in print and digital. We will honour the values and standards set under The Guardian’s great stewardship and uphold The Observer’s uncompromising commitment to editorial independence, evidence-based reporting and journalistic integrity."