The world of British media is abuzz with news that the owner of the Guardian is in talks to sell the Observer, the world’s oldest Sunday newspaper, to Tortoise Media.
Tortoise, a media company launched five years ago by James Harding, a former BBC News chief and editor of the Times newspaper, has approached Guardian Media Group (GMG) with an offer to invest around £25m over the next five years in the “editorial and commercial renewal” of the Observer.
Despite the negotiations, the Guardian reported that the Observer will remain a seven-day-a-week digital operation. Observer staff were informed that the investment from Tortoise would “help to safeguard its future” as a standalone product.
Founded in 1791, the Observer has a rich history and a staff of around 70. Mr. Harding, editor of Tortoise, expressed his belief in the future of the Observer, stating, “We believe passionately in its future – both in print and digital.”
The Observer has had notable contributors in the past, including George Orwell and Kim Philby. The newspaper’s print circulation had been declining until it stopped publishing audited figures in 2021, selling around 136,000 copies a week at that time.
Tortoise, known for its “slow news” approach, aims to provide in-depth analysis rather than chasing breaking stories. The company operates a news website, podcasts, and hosts live discussions called “Think-ins.”
While Tortoise reported an operating loss of £4.6m in 2022, its financial backers include prominent figures such as David Thomson, chair of Thomson Reuters, and tech investor Saul Klein.
The potential sale of the Observer to Tortoise Media marks a significant development in the media landscape, with both parties looking towards a future of innovation and sustainability for the historic newspaper.
