The Observer, the world's oldest weekly newspaper, is going up for sale. The newspaper has been publishing regular news every Sunday since 1791 for 233 years. The announcement was made on Friday (December 6) by the Scott Trust, the owner of The Observer. In a report, the British media The Guardian reported this news.
Scott Trust owns the Guardian and Observer. The trust has agreed in principle to sell The Observer to Tortoise Media. Even if the magazine is sold, Tortoise will invest to become a major shareholder and a stake in both the editorial and commercial boards of the media company, they said.
The trust said the new ownership model would 'secure the Observer's future, maintain a voice of liberal values ​​and invest in exceptional journalism while building its digital platform.
Ole Jacob Sunde, chairman of the Scott Trust, said, 'We knew we needed the right combination of resources and commitment to build a new platform for the Observer.'
It also requires an ally to be adequately funded, long-term in nature and respect editorial independence and liberal values. I believe we got it at Tortoise Media. We look forward to being part of the next phase of the Observer's journey.'
Laura Davison, the newly elected general secretary of the National Union of Journalists, said members of the Guardian and Observer, who took industrial action this week to protest the proposed deal, would be 'deeply disappointed'. The move prompted a pause in talks.
The deal has now been agreed in principle by both parties. The deal involves a €25 million investment in the new magazine, with plans to turn The Observer into a digital brand and a commitment to publish it every Sunday. In addition, Scott Trust is committed to long-term partnerships with new and existing investors.
Workers have been told no jobs will be lost as a result of the deal.
Observer staff have been told they can also opt to take up voluntary redundancy on extended terms. If they transfer to Tortoise, their existing terms and conditions will be respected.
Tortoise was launched in 2019 by James Harding, former editor of the London Times and former director of BBC News, and former US ambassador to the UK, Matthew Barjun. Harding said the sale has opportunities to invest and expand in Abjava.
Tortoise has promised to integrate the Observer with Tortoise podcasts, newsletters and live events, and to invest it into a distinct digital brand.
