The sale of the Observer paper to Tortoise Media has actually been accepted, it was revealed on Friday.
The action by the boards of its proprietor Scott Trust and the Guardian Media Group adhered to a 48-hour strike today by reporters on the Observer and the Guardian in demonstration at the sale.
The Scott Trust claimed it will certainly purchase Tortoise Media, coming to be an essential investor, sitting on both its content and business boards.
The offer will certainly see ₤ 25 million in brand-new financial investment for the Sunday paper, with a dedication to publish the Observer on a Sunday and a strategy to construct it right into an electronic brand name by the boards of the Scott Trust and Guardian Media Group, they revealed.
Tortoise Media claimed it has actually devoted to guard journalistic flexibility and the content freedom of the Observer, taking on to honour the “liberal values and journalistic standards” of the Scott Trust in their content code.
It is anticipated the offer will certainly be checked in the coming days.
Ole Jacob Sunde, that chairs the Scott Trust, claimed: “We knew we needed the right combination of resources and commitment to build a new platform for the Observer.
“It required an ally to be sufficiently funded, long-term in nature and respect editorial independence and liberal values. I believe we have found this in Tortoise Media. We are looking forward to being part of the next phase in the Observer’s journey.”
Katharine Viner, editor-in-chief of Guardian News & & Media, claimed: “I recognise how unsettling this period has been for Observer staff, but we’re confident we have agreed the best possible way forward for the title’s journalists, its readers and the future of both the Observer and the Guardian.
“It is a model that will see investment in journalism and journalists, enshrines the Scott Trust’s values in the Observer’s future, and protects the Observer and Guardian’s ability to continue to produce trusted, liberal journalism.”
Charles Gurassa, chair of the Guardian Media Group board, claimed: “This is an important new chapter for the Observer, giving it access to much-needed investment, enabling it to build a long-overdue digital presence and ensuring it the top-level management support and focus necessary for it to flourish. For the Guardian, it means we can double down on our long-term growth strategy, as we continue to expand globally and across digital and other media channels.”
Anna Bateson, president of Guardian Media Group, claimed: “This investment will preserve the Observer’s 233-year legacy and protect the paper’s future, ensuring it can continue producing exceptional liberal journalism, online and in print, for years to come. Underpinning it all will be a continued commitment to promoting a free press and maintaining editorial independence.
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