The world's oldest weekly newspaper, The Observer, is being sold. The newspaper has been publishing news regularly every Sunday for 233 years since 1791.
On Friday, The Observer's owner, the Scott Trust, announced the decision. British media outlet The Guardian reported the news.
The Scott Trust, which owns both The Guardian and The Observer, has agreed in principle to sell The Observer to Tortoise Media. According to the Trust, even after the sale, it will remain a major shareholder and invest in Tortoise for a seat on both the editorial and commercial boards of the media company.
The Trust stated that the new ownership model would "secure The Observer's future, uphold its voice of liberal values, and invest in exceptional journalism as it builds its digital platform."
Ole Jacob Sunde, Chairman of the Scott Trust, said, "We recognized the need for the right combination of resources and commitment to build a new platform for The Observer."
He added: "This requires a partner who provides sufficient funding, has a long-term outlook, and respects editorial independence and liberal values. I believe we have found that in Tortoise Media. We are excited to be part of The Observer's next chapter."
Laura Davison, the newly elected General Secretary of the National Union of Journalists, said that members of The Guardian and The Observer, who took industrial action this week, would be "extremely disappointed" with the proposed agreement. She called for a pause in discussions regarding this move.
Both parties have now agreed in principle to the deal. Under this agreement, €25 million will be invested in The Observer to transition it into a digital brand, alongside a commitment to continue publishing it every Sunday. Additionally, the Scott Trust has stated its commitment to forming long-term partnerships with new and existing investors.
Employees were assured that no one would lose their job due to the agreement.
However, The Observer staff were also informed that they could opt for voluntary redundancy on enhanced terms. If they choose to transfer to Tortoise, their existing terms and conditions will be respected.
Tortoise was launched in 2019 by James Harding, a former editor of The Times in London and former director of news at the BBC, along with Matthew Barzun, a former US ambassador to the UK Harding stated that the sale presents an opportunity to invest in and expand The Observer.
Tortoise has pledged to integrate The Observer with its podcasts, newsletters, and live events while investing in its development as a distinctive digital brand.