Guardian Media Group is currently evaluating a proposal from Tortoise Media to acquire the Observer, the world’s oldest Sunday newspaper.
Tortoise Media, a relatively new player in the media landscape, has made an offer to invest approximately £25 million over the next five years to rejuvenate the Observer’s editorial and commercial operations.
Tortoise Media was founded five years ago by James Harding, a former BBC News chief and ex-editor of The Times. Harding is also the current editor of Tortoise.
According to the Guardian, regardless of the outcome of these negotiations, the Observer will continue to operate digitally seven days a week.
The paper’s management views the proposed investment as a means to secure the newspaper’s future as an independent entity.
The Observer, established in 1791, has a historical significance not only as the oldest Sunday newspaper but also as a notable contributor to journalism with figures like George Orwell, who wrote for the paper during and after World War II, and Kim Philby, the infamous MI6 officer and Soviet spy.
The paper’s print circulation had been in decline for many years, and by 2021, it was selling around 136,000 copies weekly before ceasing to publish audited figures.
The investment from Tortoise Media is seen as a potential lifeline to revitalize the Observer and ensure its continued presence in both print and digital formats.
Tortoise Media, known for its “slow news” approach, focuses on in-depth analysis rather than chasing breaking news.
It offers a news website, podcasts, and hosts live discussions known as “Think-ins.” The business, which reported an operating loss of £4.6 million in 2022 on a turnover of £6.2 million, is backed by notable investors including David Thomson of Thomson Reuters, tech investor Saul Klein, Lansdowne Partners, banker Bernie Mensah, and Nando’s executive Leslie Perlman.
