Observer newspaper sale to Tortoise Media approved

The owner of the Guardian has confirmed a deal has been approved to sell the Observer - the Sunday newspaper founded in 1791 - to Tortoise Media.

It was announced on Friday morning, after a meeting by the boards of the companies who own it - Scott Trust and the Guardian Media Group.

The move followed a 48-hour strike this week by journalists at the paper, and at sister publication the Guardian.

Tortoise Media, which was launched five years ago, has its own website and podcast and focuses on longer-term journalism as opposed to breaking news.

The Guardian Media Group has owned the Observer since 1993, with around 70 people working on the newspaper.

Staff had already been told that if the sale went ahead, they could take voluntary redundancy on enhanced terms or transfer to Tortoise on their existing contracts.

Freelancers were also told their contracts would be extended to September 2025, and then renegotiated.

Its circulation had been steadily falling until 2021, when it stopped publishing audited figures. At that point it was selling around 136,000 copies a week.

Anna Bateson, chief executive of Guardian Media Group, said: "This investment will preserve the Observer's 233-year legacy and protect the paper's future, ensuring it can continue producing exceptional liberal journalism, online and in print, for years to come. Underpinning it all will be a continued commitment to promoting a free press and maintaining editorial independence.

"The deal also supports the long-term success of the Guardian, building on our growth globally and across digital, as we continue to put readers at the heart of our outstanding journalism."