The Guardian Media Group is in talks to sell The Observer newspaper to Tortoise Media, a news business launched in 2019 by a former BBC director.
The media giant is in exclusive discussions to sell the world’s oldest Sunday newspaper.
Tortoise approached the Guardian newspaper group with an offer to buy the publication and invest more than £25 million (€29.68 million) over the next five years in the editorial and commercial side of the business.
It also plans on building the digital Observer and combining with Tortoise’s podcasts, newsletters and live events.
The Observer was founded in 1791 and bought by Guardian Media Group in 1993.
Tortoise was co-founded by James Harding, a former director at BBC News and editor of The Times.
Mr Harding said: “We think The Observer is one of the greatest names in news.
“We believe passionately in its future – both in print and digital.
“We will honour the values and standards set under The Guardian’s great stewardship and uphold The Observer’s uncompromising commitment to editorial independence, evidence-based reporting and journalistic integrity.”
Anna Bateson, the chief executive of Guardian Media Group, said it was an “exciting strategic opportunity” for the business” with “significant investment” into its future.
