The Guardian Media Group has announced the sale of The Observer, the world’s oldest Sunday newspaper, to online news company Tortoise Media. Despite opposition from staff members who went on strike, the deal has been approved by GMG and its owner, the Scott Trust. Tortoise Media plans to invest over £25 million in the next five years to renew the editorial and commercial aspects of the publication.
The decision to sell The Observer comes after unionised staff members voted in favor of strike action, accusing the Scott Trust of betrayal. However, the new ownership model is said to protect the future of the publication and champion liberal values in journalism. Under Tortoise Media’s ownership, The Observer will continue to be published on Sundays and will be integrated with the company’s podcasts and live events.
The sale of The Observer, which dates back to 1791, is seen as a move to preserve its 233-year legacy and ensure its future. The Scott Trust will also invest in Tortoise Media and become one of its largest shareholders. The deal is expected to be finalized in the coming days.
Overall, the agreement between GMG, the Scott Trust, and Tortoise Media aims to secure the future of The Observer and uphold its commitment to quality journalism and liberal values. The announcement comes amidst a period of uncertainty for the publication and its staff, but the parties involved express confidence in the decision made.
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