Observer newspaper sale to Tortoise Media approved
A deal to sell the Observer newspaper to Tortoise Media has been approved, it has been announced.
The boards of the Scott Trust and Guardian Media Group have given their blessing to the sale – only days after Observer newspaper journalists went on strike over the proposed sell off.
No information has been given over the value of the sale or how many jobs will be impacted by the deal.
A statement said that the deal will see £25m new investment in the Observer, with a commitment to print on a Sunday and a plan to build it into a digital brand.
It is expected the deal will be signed in the coming days.
Katharine Viner, editor-in-chief of Guardian News & Media, said: “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.”
Anna Bateson, chief executive of Guardian Media Group, added: “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.
“Underpinning it all will be a continued 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 across digital, as we continue to put readers at the heart of our outstanding journalism.”
James Harding, editor and founder of Tortoise, 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 admire its temperament, both tolerant and humane.
“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.”