Guardian Media Group in Talks to Sell Observer Newspaper to Tortoise Media

London's Evening Standard reporting potential deal for US-focused title

Guardian Media Group (GMG) is in talks to sell the Observer newspaper, one of the UK's oldest Sunday titles, to Tortoise Media, publisher of the slow news website Tortoise.

Observer reported to be priced at just under £10m

The Observer, founded in 1791, is owned by GMG, which also owns the Guardian newspaper. According to the Evening Standard, the sale could value the Observer at just under £10m.

GMG declined to comment on the report, and Tortoise Media did not immediately respond to a request for comment.

Observer has faced challenges in recent years

The Observer has faced challenges in recent years, as print advertising revenue has declined and the newspaper market has become increasingly competitive. In 2018, GMG announced plans to cut 250 jobs across its print and online operations, including at the Observer.

Tortoise Media, founded in 2019, is known for its in-depth journalism and slow news approach. The company's website features long-form articles, podcasts, and videos on a range of topics, including politics, economics, and culture.

Tortoise Media has raised £20m in funding

Tortoise Media has raised £20m in funding from a range of investors, including the former chancellor George Osborne and the venture capital firm LocalGlobe. The company is led by former BBC journalist James Harding.

If the sale of the Observer to Tortoise Media goes ahead, it would mark a significant step in the consolidation of the UK newspaper industry. In recent years, a number of regional and national newspapers have been sold or closed, as the industry faces increasing financial pressure.

Conclusion

The potential sale of the Observer to Tortoise Media is a sign of the changing landscape of the UK newspaper industry. As print advertising revenue declines, newspapers are looking for new ways to generate revenue and reach audiences.

Tortoise Media's slow news approach and focus on in-depth journalism could provide a new model for the Observer. However, it remains to be seen whether the company can successfully transition the Observer from a traditional print newspaper to a digital-first publication.