The sale of the Observer newspaper to Tortoise Media has received the green light. The Scott Trust and Guardian Media Group have formally approved the transaction shortly after Observer journalists took industrial action in protest of the anticipated sell-off.
While details regarding the sale's value or potential job impacts remain under wraps, a commitment has been made to inject £25m into the Observer, fostering its continued Sunday print edition and aiding its evolution into a digital power player. The completion of the deal is expected imminently, as reported by .
Katharine Viner, editor-in-chief of Guardian News & Media, commented on the development, stating: "I recognise how unsettling this period has been for Observer staff but we’re confident we have agreed the best possible way forward for the title’s journalists, its readers and the future of both the Observer and the Guardian."
"It is a model that will see investment in journalism and journalists, enshrines the Scott Trust’s values in the Observer’s future, and protects the Observer and Guardian’s ability to continue to produce trusted, liberal journalism."
Guardian Media Group CEO Anna Bateson also weighed in, saying: "This investment will preserve the Observer’s 233-year legacy and protect the paper’s future, ensuring it can continue producing exceptional liberal journalism, online and in print, for years to come."
The commitment to a free press and editorial independence remains steadfast, according to the latest announcement. "The deal also supports the long-term success of the Guardian, building on our growth globally and across digital, as we continue to put readers at the heart of our outstanding journalism."
James Harding, editor and founder of Tortoise, expressed enthusiasm about the collaboration: "We are honoured and excited at the prospect of working together to renew The Observer, a name that represents the best of liberal, pioneering journalism. We admire its temperament, both tolerant and humane."
He added, "We love its appetite for the arts and, of course, food. We promise its readers we will do all we can to live up to its history as a defender of human dignity and to give it a new lease of life as a powerful, progressive voice in the world."
