The Scott Trust, the owner of the Guardian Media Group, which includes the Observer and its sister paper the Guardian, said the sale to Tortoise Media is expected to be signed in the coming days
The sale of the Observer, the world’s oldest Sunday newspaper and a bastion of liberal values in Britain’s media landscape, was approved Friday despite two days of strike action from journalists this week.
Under the terms of the deal, Tortoise will invest 25 million pounds in the Observer, which was founded in 1791 and became part of the Guardian Media Group in 1993, and has committed to continue its Sunday print edition and build up its digital brand. Harding said the Observer name represents “the best of liberal, pioneering journalism,” and promised readers that “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.”
“I recognize 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,” said Katharine Viner, editor-in-chief of Guardian News & Media.
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