Guardian owner agrees deal to sell Observer to Tortoise Media

(Sharecast News) - The Guardian owner, the Scott Trust, has announced that the sale of The Observer to Tortoise Media has been agreed in principle, in a deal that will see the media investment firm take a stake in Tortoise. The Scott Trust, chaired by Ole Jacob Sunde, will invest an undisclosed amount but become a "key shareholder" in Tortoise, according to The Guardian, and will get a seat on both the editorial and commercial boards.

The move would "protect the Observer's future, championing the voice of liberal values and investing in exceptional journalism while building its digital offering", the Scott Trust said.

"It required an ally to be sufficiently funded, long-term in nature and respect editorial independence and liberal values. I believe we have found this in Tortoise Media. We are looking forward to being part of the next phase in the Observer's journey."

In a statement, James Harding, Tortoise editor and the former Times editor who co-founded Tortoise in 2018, said: "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 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."