newspaper industry

The owner of The Guardian newspaper, the Scott Trust, confirmed on Wednesday, December 18, 2024, that it has sold The Observer, the world’s oldest Sunday newspaper, to Tortoise Media for an undisclosed amount. The deal marks a significant shift in the British media landscape, as The Observer, founded in 1791 and a part of the Guardian Media Group (GMG) since 1993, moves into new hands. Tortoise Media, founded in 2019 by former The Times editor James Harding and ex-U.S. ambassador to London Matthew Barzun, acquired The Observer through a combination of cash and shares. As part of the deal, Tortoise Media has committed to a five-year commercial agreement with GMG, covering print, distribution, and marketing services, with the Scott Trust also taking a 9% stake in the company. The Trust will invest 5 million pounds into Tortoise Media as part of a 25 million-pound investment. “This deal secures fresh investment and ideas for The Observer, ensuring its relevance for new audiences and reinforcing its commitment to liberal journalism,” said Ole Jacob Sunde, chair of the Scott Trust. Additionally, Lucy Rock has been appointed the first female print editor of The Observer in 100 years. Rock, who will oversee the newspaper’s print version alongside a digital editor, will report to Harding, who will serve as the paper’s editor-in-chief. This leadership shift comes as The Observer looks to build a stronger online presence and expand its digital brand. The sale has faced opposition within the Guardian Media Group, culminating in a 48-hour strike earlier this month by journalists protesting the move. Source: The Hindu Photo Credit: The Hindu