Guardian in talks to sell world’s oldest Sunday paper – the Observer

The Guardian’s parent company, Guardian Media Group, is in talks with Tortoise Media to sell the Observer, the world’s oldest Sunday newspaper. Tortoise, founded by former BBC News chief James Harding, has offered to invest £25m over five years to revitalize the Observer’s editorial and commercial operations. Despite the potential sale, the Guardian has confirmed that the Observer will continue to publish as a digital seven-day-a-week operation, regardless of the outcome of the negotiations, reported BBC.

Harding, who is also editor of Tortoise, believes in the Observer’s future and wants to preserve its legacy as a “standalone product.” The newspaper has a rich history, dating back to 1791, and has been home to notable contributors such as George Orwell and Kim Philby. However, its print circulation has been declining in recent years, with sales dropping to around 136,000 copies per week in 2021.

Tortoise Media, which focuses on providing “slow news” and in-depth analysis, has an operating loss of £4.6m on a turnover of £6.2m. The company is backed by a group of investors including David Thomson, chair of Thomson Reuters, and Saul Klein, a tech investor.