.png)
7 months ago
92
DealBook|The Guardian in Talks to Sell U.K.’s Oldest Sunday Newspaper to Digital Start-Up
https://www.nytimes.com/2024/09/17/business/dealbook/guardian-observer-sale-tortoise.html
You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.
The Observer, first published in 1791, could be bought by Tortoise Media, an outlet founded by a British media veteran that began publishing in 2019.
Sept. 17, 2024, 10:49 a.m. ET
The parent company of The Guardian said on Tuesday that it was in formal talks to sell The Observer, Britain’s oldest surviving Sunday newspaper, to the start-up Tortoise Media.
A deal would signal that Guardian Media Group is willing to shed a pillar of the British media landscape — The Observer has run in print since 1791 — as it increasingly focuses on news of worldwide interest, delivered digitally.
In an internal memo to employees, leaders of Guardian Media said that Tortoise had approached them with a “compelling” offer to buy The Observer. The approximately 70 employees of the Sunday publication were told about the talks on Tuesday.
A final deal could be reached within about three months, according to a person briefed on the talks, who was not authorized to discuss the details publicly. The negotiations are ongoing and may not end in an agreement.
For years, The Guardian, which was founded in Manchester in 1821, has sought to establish itself as a global media company. It established a digital U.S. edition in 2007, and has sought to expand aggressively across the Atlantic.
Executives at The Guardian said that a deal to sell The Observer, which the company bought in 1993, would allow their company to focus even more on international expansion.
