The Guardian newspaper's owner, Scott Trust, has sold the Observer, the world's oldest Sunday newspaper, to Tortoise Media. The deal, which includes cash and shares, sees Tortoise commit to a five-year commercial agreement with GMG for print and distribution services, as well as marketing through the Guardian.
LONDON — The owner of Britain’s Guardian newspaper confirmed Wednesday that it has sold the Observer , the world’s oldest Sunday newspaper, to Tortoise Media for an undisclosed fee.
The Observer, which was founded in 1791 and became part of the Guardian Media Group in 1993, is a bastion of liberal values in Britain’s media landscape. As part of the deal, Tortoise has agreed a five-year commercial agreement with GMG, which will see it pay for both print and distribution services, as well as marketing through the Guardian. The Scott Trust will also take a 9% stake in Tortoise Media and commit 5 million pounds into Tortoise Media as part of the 25 million-pound investment.
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