UK's Guardian agrees sale of world's oldest Sunday paper

The Guardian Media Group announced Friday that it had agreed to sell The Observer, the world's oldest Sunday newspaper, to online news company Tortoise Media despite staff strikes.

GMG and its owner announced the move after more than 500 journalists at The Guardian and The Observer, who opposed the deal, went on strike for 48 hours this week.

"The boards of the Guardian Media Group and its owner, the Scott Trust, have in principle approved the sale of The Observer to Tortoise Media," a statement said.

"The new ownership model will protect The Observer's future, championing the voice of liberal values and investing in exceptional journalism," it added.

Tortoise, a "slow news" outlet founded in 2019, had approached GMG with an offer to buy the publication and invest more than £25 million ($32 million) over the next five years in the "editorial and commercial renewal of the title."

Unionized staff members last month voted 93% in favor of strike action, accusing the Scott Trust of "betrayal" over the sale.

"I recognize how unsettling this period has been for Observer staff, but we're confident we have agreed the best possible way forward," Katharine Viner, editor-in-chief of Guardian News & Media, said in Friday's statement.

Tortoise, run by former BBC News director James Harding, plans to continue publishing The Observer on Sundays and combine it with its own podcasts and live events.

The weekly dates back to 1791.

"This investment will preserve The Observer's 233-year legacy and protect the paper's future," said Anna Bateson, GMG's chief executive.

The statement added that the Scott Trust will invest in Tortoise Media and become one of its largest shareholders following a deal expected to be signed in the coming days.