Guardian Confirms Sale of The Observer to Tortoise Media

Published On Dec 6, 2024, 8:44 AM

The Guardian Media Group has agreed to sell The Observer, the UK's oldest Sunday newspaper, to media startup Tortoise Media, following a 48-hour strike by journalists protesting the deal. While the financial details of the sale were not disclosed, the Scott Trust, which owns the Guardian Media Group, will invest in Tortoise Media and have a significant stake in the company, along with representation on editorial boards. Concerns have been raised about Tortoise Media's ability to sustain The Observer, as it has yet to turn a profit since its launch six years ago.

Read full article

Stock Forecasts

GCIView GCI chart on TradingView

Negative

However, the skepticism around Tortoise Media's ability to effectively manage The Observer may lead to volatility in related media stocks, which could suffer from the negativity surrounding a struggling print outlet being handed over to a startup with financial instability.

Related News

Guardian Journalists Strike Over Planned Sale of The Observer

Dec 4, 2024, 9:52 AM

Workers have begun a 48-hour walkout, the first in 50 years for the outlet, over a proposal to sell The Observer to Tortoise Media, a digital media start-up.

GCI

The Onion’s Bid to Buy Infowars, Alex Jones’s Site, Is Being Contested

Nov 19, 2024, 5:01 PM

A hearing is scheduled for Monday to review the auction process, which is being contested by a losing bidder associated with Alex Jones, the Infowars founder.

GCI

Political Reporter Olivia Nuzzi Drops Protective Order Against Ex-Fiancé

Nov 12, 2024, 5:33 PM

Ms. Nuzzi, a former writer for New York magazine embroiled in a scandal involving Robert F. Kennedy Jr., had accused her ex-fiancé of harassment and blackmail.

GCI