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The sale of the Observer, the world's oldest Sunday newspaper, has been approved by the Guardian Media Group.
The Guardian's owner has confirmed a deal has been approved to sell the Observer – the Sunday newspaper founded in 1791 – to Tortoise Media.
This was announced on Friday morning, after a meeting of the boards of directors of the companies that own it – Scott Trust and Guardian Media Group.
The move follows a 48-hour strike this week by journalists at the newspaper and its sister publication, the Guardian.
Tortoise Media, launched five years ago, has its own website and podcast and focuses on long-term journalism rather than breaking news.
It is headed by James Harding, a former BBC and Times executive, and Matthew Barzun, a former US ambassador to the UK.
The company has a number of high-profile backers, including tech investor Saul Klein and Nando's executive Leslie Perlman, and is promising to invest £25 million in the newspaper.
Speaking after the sale was announced, Harding said he was “honoured and excited to be working together to renew the Observer”.
He added that he was promising his readers “that we will do everything we can to live up to his story as a defender of human dignity and to breathe new life into him as a powerful and progressive voice in the world.”
Journalists from the Guardian and the Observer went on strike on Wednesday and Thursday, concerned about the fate of the paper in the hands of a new owner.
National Union of Journalists general secretary-elect Laura Davison said the 233-year-old newspaper “occupies a unique and important place in public life and our members care about the next chapter in its history”.
Katharine Viner, editor of Guardian News and Media, said: “I recognize how disruptive this time has been for Observer staff, but we are confident that we have agreed the best possible path forward for journalists at the Observer. title, its readers and the future of the Observer and the Guardian.
“It is a model that will see investment in journalism and journalists, enshrine the values of the Scott Trust in the future of the Observer and protect the ability of the Observer and the Guardian to continue to produce liberal and independent journalism. reliable.”
The Guardian Media Group has owned the Observer since 1993, and around 70 people work on the newspaper.
Staff had already been informed that if the sale went through they could accept voluntary redundancy on improved terms or transfer to Tortoise under their existing contracts.
Freelancers were also informed that their contracts would be extended until September 2025 and then renegotiated.
Its circulation was in steady decline until 2021, when it stopped publishing verified figures. At that time, it was selling around 136,000 copies per week.
Anna Bateson, chief executive of the Guardian Media Group, said: “This investment will preserve the Observer's 233-year heritage and protect the future of the newspaper, ensuring it can continue to produce exceptional liberal journalism, online and on paper, for years to come. all of this will be an ongoing commitment to promoting a free press and maintaining editorial independence.
“The deal also supports the long-term success of the Guardian, building on our growth globally and digitally, as we continue to put readers at the heart of our exceptional journalism.”
