Britain's Guardian in talks to sell Observer newspaper to Tortoise Media
Guardian Media Group (GMG) is in exclusive talks to sell The Observer, the world's oldest Sunday newspaper, to startup Tortoise Media, the companies said on Tuesday.
Tortoise said negotiations include a commitment from it to invest more than 25 million pounds ($33 million) over the next five years in the editorial and commercial renewal of the title.
First published in 1791, the centre-left Observer is one of Britain's best-known newspapers and once carried the journalism of George Orwell. It became a sister title to the daily Guardian newspaper in 1993 after its acquisition by GMG.
«It provides a chance to build The Observer's future position with a significant investment and allow The Guardian to focus on its growth strategy to be more global, more digital and more reader-funded,» GMG CEO Anna Bateson said in a statement.
Tortoise was founded in 2019 by James Harding, a former executive at the Times newspaper and BBC News.
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