Guardian Sells The Observer to Tortoise Media

The Observer, the world's oldest Sunday newspaper founded in 1791, has been sold to Tortoise Media by the Scott Trust, which owns the Guardian Media Group, for an undisclosed sum consisting of cash and shares. Tortoise Media, established in 2019 by James Harding and Matthew Barzun, has vowed to maintain the newspaper's liberal values and will invest £25 million, with £5 million coming from the Scott Trust, which will also acquire a 9% stake in Tortoise Media. This investment aims to enhance The Observer's digital presence, traditionally overshadowed by The Guardian's. The first edition under Tortoise's ownership is anticipated in the spring, with Lucy Rock appointed as the first female print editor in 100 years. The sale secures a five-year commercial agreement with the Guardian for print, distribution, and marketing services. The transaction comes amid a wave of ownership changes in the UK media landscape, addressing staff concerns over financial stability with a recent strike.