The Guardian Media Group revealed on Friday that it has agreed to sell The Observer, the oldest Sunday newspaper in the world, to the online news organisation Tortoise Media, despite ongoing staff strikes.
This announcement from GMG and its owner followed a 48-hour strike earlier this week involving over 500 journalists from the Guardian daily and Observer who opposed the sale.
A statement said that “the boards of the Guardian Media Group and its owner, the Scott Trust, have in principle approved the sale of The Observer to Tortoise Media.”
The statement also noted, “The new ownership model will safeguard The Observer’s future, supporting liberal values and investing in outstanding journalism.”
Tortoise, a “slow news” platform established in 2019, had approached GMG with a proposal to acquire the publication and invest over £25 million ($32 million) in its “editorial and commercial renewal” over the next five years.
Last month, unionised staff members voted 93 per cent in favour of strike action, accusing the Scott Trust of “betrayal” regarding the sale.
In the statement released on Friday, Katharine Viner, editor-in-chief of Guardian News & Media, acknowledged the anxiety this situation caused Observer staff but expressed confidence that they have found the best possible way forward.
Tortoise, led by former BBC News director James Harding, intends to continue The Observer’s Sunday publication and integrate it with its podcasts and live events. This weekly publication dates back to 1791.
GMG’s chief executive, Anna Bateson, stated, “This investment will preserve the Observer’s 233-year legacy and secure the paper’s future.”
As per the statement, the Scott Trust will invest in Tortoise Media and become one of its primary shareholders. The deal is anticipated to be finalised in the coming days.
