Historic Sale: Observer Newspaper Acquired by Tortoise Media

The Observer, the world's oldest Sunday newspaper, has been sold by the Guardian Media Group to Tortoise Media. This acquisition involves cash, shares, and a joint investment, marking a new chapter for the Observer under the leadership of new print editor Lucy Rock.

The ownership of the world's oldest Sunday newspaper, the Observer, has shifted to Tortoise Media, according to an announcement made on Wednesday by the Guardian Media Group.

The Scott Trust confirmed that the deal was finalized with a blend of cash and equity, ensuring a promising future for the Observer, a longstanding advocate of liberal journalism since its founding in 1791.

The agreement also includes an investment of 25 million pounds into Tortoise Media, with the Scott Trust retaining a 9% stake. Among other developments, Lucy Rock takes over as print editor, becoming the first woman to hold this position in a century. Her appointment comes amid a 48-hour strike by Guardian Media Group journalists protesting the sale.

(With inputs from agencies.)