The Guardian Media Group is in talks to sell The Observer newspaper to Tortoise Media, a news business launched in 2019 by a former BBC director.
The media giant is in exclusive discussions to sell the world’s oldest Sunday newspaper, it was first reported by Sky News‘ Mark Kleinman.
Tortoise approached the Guardian newspaper group with an offer to buy the publication and invest more than £25 million over the next five years in the editorial and commercial side of the business.
It also plans on building the digital Observer and combining with Tortoise’s podcasts, newsletters and live events.
The Observer was founded in 1791 and bought by Guardian Media Group in 1993.
Tortoise was co-founded by James Harding, a former director at BBC News and editor of The Times.
Mr Harding said: “We think The Observer is one of the greatest names in news.
“We believe passionately in its future – both in print and digital.
“We will honour the values and standards set under The Guardian’s great stewardship and uphold The Observer’s uncompromising commitment to editorial independence, evidence-based reporting and journalistic integrity.”
Anna Bateson, the chief executive of Guardian Media Group, said it was an “exciting strategic opportunity” for the business” with “significant investment” into its future.
Katharine Viner, the editor-in-chief of The Guardian, said a sale of The Observer to Tortoise Media “has the potential to be a very positive thing”.
“My number one priority is a future in which both titles continue to thrive and deliver high quality journalism to our readers,” she said.
“It is extremely important to me that The Observer, with its excellent journalistic reputation, loyal readership and heritage as the world’s oldest Sunday newspaper, is in good hands.”
The Observer has been a separate paper to The Guardian since it was bought by Guardian Media Group in 1993.
Press Association – by Anna Wise