Guardian in talks to sell one of the world's oldest newspapers

Guardian Media Group is in formal negotiations to sell The Observer newspaper to investigative podcast publisher Tortoise Media for an undisclosed sum. 

GMG told its staff that it was in “exclusive negotiations” with Tortoise after being approached with an offer “significant enough to look at in more detail”.

While specifics were not divulged, in the spirit of transparency, GMG said it had told staff about the potential deal, even if details were commercially sensitive. The group said that Observer staff were told the offer represented a significant investment in the title as a standalone product that would “safeguard its future”.

Anna Bateson, GMG’s chief executive, said such a deal marked an “exciting strategic opportunity” for GMG.

She added: “It provides a chance to build The Observer’s future position with a significant investment and allow The Guardian to focus on its growth strategy to be more global, more digital and more reader-funded.”

The Observer is one of the world’s oldest newspapers, founded in 1791 and acquired by GMG in 1993.

Tortoise Media launched in 2019, the brainchild of Matthew Barzun, ex-US ambassador to the UK and Sweden; former BBC News director James Harding and ex Wall Street Journal/Dow Jones president Katie Vanneck-Smith. They spoke to Campaign in 2018 ahead of launch.

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.  

“Like its many, many loyal readers, we admire the strength and heart of The Observer’s reporting, we prize its original, unbiddable thinking and we love it for its passions: food, music, film and art. George Orwell described The Observer as 'the enemy of nonsense'; we’re excited to show readers, old and new, that it still is.”

GMG annual results

GMG has also today published statutory accounts for the year ending 31 March 2024, which reveal that digital reader revenue grew by 8% to £88.2 million ($116 million) and overall group revenue was down 2.5% to £257.8 million ($339 million). Advertising revenue was down on last year, from £71.3 million ($94 million) in 2023 to £62.2 million ($82 million) in 2024.

It made a pre-tax profit of £25.1 million ($33 million), after a loss of £59.6 million ($78 million) in 2023.

Commenting on the results, Bateson said: “An 8% growth in digital reader revenues is a significant achievement and proof that our strategy is working, against tough market conditions faced by the whole media industry. Our readers across the world continue to demonstrate their love and support for our journalism, which is at the heart of a business that is open to all, funded by many and beholden to no one.”

Tortoise Media is shortlisted in the British Podcast Awards in the Network or Publisher category.