The Observer, believed to be the world's oldest Sunday newspaper, has been sold to Tortoise Media for an undisclosed fee. Founded in 1791, it became a part of the Guardian Media Group in 1993. In a statement, the Scott Trust, the owner of Guardian Media Group, announced that Tortoise Media is purchasing The Observer via a combination of both cash and shares.
In a promise to its readers, Tortoise Media said it will honour the paper's historic values. "The Observer has a historic place in the world of journalism and a special place in the heart of its readers," said James Harding, who launched Tortoise Media in 2019 along with the former US Ambassador to London, Matthew Barzun.
"We're excited to put all we have into making sure its values, interests, and passions reach even more people in the many years to come," Harding added.
Tortoise Media has agreed upon a five-year deal with Guardian Media Group that will see it pay for both the print and distribution services, along with marketing through The Guardian.
The Scott Trust will also take a 9% stake in Tortoise Media, besides committing 5 million pounds ($6.3 million) into Tortoise Media as part of the 25 million-pound deal. Most of it will remain focused on establishing The Observer's own digital identity.
Ole Jacob Sunde, chair of the Scott Trust, noted that the deal secures "fresh investment and ideas for the Observer that will take the title to new audiences and enhance the role liberal journalism plays in our society”.
According to Tortoise Media, the first edition of Observer under its ownership is expected by spring.
Meanwhile, Lucy Rock has been named the print editor of the Observer -- making her the first woman to oversee the famous newspaper in 100 years. She will be working alongside a digital editor, as it looks forward to building its own online brand.
