Guardian Considers Sale of Historic Sunday Paper to Tortoise Media

The Guardian’s parent company, Guardian Media Group (GMG), has confirmed that it is in discussions to sell the Observer, the world’s oldest Sunday newspaper, to Tortoise Media. The potential deal involves Tortoise Media investing approximately £25 million over the next five years to support the “editorial and commercial renewal” of the Observer.

Tortoise Media, a relatively new player in the media landscape, was founded five years ago by James Harding. Harding, who now serves as the editor of Tortoise, expressed enthusiasm about the prospect of acquiring the Observer. He emphasized that Tortoise is committed to maintaining the newspaper’s legacy, stating, “We believe passionately in its future – both in print and digital.”

The Observer, established in 1791, holds the title of the world’s oldest Sunday newspaper. Despite its rich history, the Observer has faced challenges in recent years, including a decline in print circulation. By 2021, the newspaper was selling around 136,000 copies weekly before ceasing the publication of audited circulation figures. The paper, which employs about 70 staff members, will remain a digital operation seven days a week regardless of the outcome of the sale.

James Harding noted the historical significance of the Observer, quoting George Orwell, who once described the paper as “the enemy of nonsense.” Orwell wrote for the Observer during World War II and continued contributing until 1948. Another notable figure associated with the paper was Kim Philby, the infamous MI6 officer turned Soviet spy.

Tortoise Media, co-founded by Harding and former US ambassador to the UK Matthew Barzun, operates with a distinctive approach to journalism. Unlike traditional news outlets that focus on breaking news, Tortoise aims to provide “slow news” by examining underlying trends rather than immediate events. The media company publishes a news website, produces podcasts, and hosts live discussions called “Think-ins.”

Despite its innovative model, Tortoise Media has faced financial difficulties. For the year 2022, the company reported an operating loss of £4.6 million on a turnover of £6.2 million. The organization is backed by a diverse group of investors, including David Thomson, chairman of Thomson Reuters; tech investor Saul Klein; the investment firm Lansdowne Partners; banker Bernie Mensah; and Leslie Perlman, an executive at Nando’s.

While GMG is not actively seeking to sell the Observer, it is considering Tortoise’s proposal to determine its viability. The potential sale reflects broader trends in the media industry, where traditional newspapers are exploring new ownership structures and financial models to adapt to a changing landscape.

If the deal goes through, it would mark a significant transition for the Observer, blending its storied past with Tortoise’s fresh perspective on journalism. The investment from Tortoise is seen as a move to ensure the newspaper’s sustainability as a standalone entity while continuing to honor its historical legacy.

As the discussions progress, the future of the Observer remains uncertain, but the potential sale highlights the ongoing evolution within the media sector as traditional and modern approaches intersect.