Guardian Media Group in talks to sell The Observer

Guardian Media Group is in talks to sell The Observer, the world’s oldest Sunday newspaper and sister paper to The Guardian, to the online news outlet Tortoise Media.
Talks are said to have been under way for some time, though staff are being informed this afternoon, according to Sky News which first reported the story.
Tortoise Media, established by James Harding in 2019, is believed to have promised an investment of £25 million in the first five years of its ownership. However, the price of the proposed deal is unclear.
The Scott Trust, which oversees The Guardian’s stewardship, has given its approval for the deal, said Sky News.
In its most recent annual report, GMG said it made a £21.3 million adjusted operating loss in 2023, compared with a profit of £11.7 million the previous year. Tortoise Media made a £4.59 million operating loss in the year to the end of December 2022, narrowed from a loss of £3.16 million the previous year, according to filings at Companies House. Revenue in 2022 rose to £6.23 million, up from £5.42 million in 2021.
Tortoise Media has 120,000 subscribers to its Daily Sensemaker newsletter and its podcasts attract between 2 million and 3 million downloads each month.
Tortoise has been backed by David Thomson, chairman of Thomson Reuters, Lansdowne Partners, the investment service, and LocalGlobe, the venture capital firm, since its launch.
Harding is a former head of news at the BBC and a former editor of The Times. He set up Tortoise to provide more insight and analysis of news and current affairs.
“We believe The Observer is one of the greatest brands in news, and we believe passionately in its future both in print and digital formats,” a spokesman for Tortoise said.
“The idea of it combining with our newsroom, to marry our expertise in podcasts and live events, and their exceptional record in reporting and original thinking, as well as their passion for music and film and food, is one we are keen to explore.”
GMG acquired The Observer in 1993. Katharine Viner, editor in chief at The Guardian’s, said: “This has the potential to be a very positive thing for both The Observer and The Guardian. 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.”