Tortoise Media Secures Ownership of the Observer Despite Eco-Tycoon’s Bid

By Evans Momodu
3 minute read


Tortoise Media, a digital start-up, has finalised a deal to acquire The Observer, the world’s oldest Sunday newspaper, following weeks of public debate and competing bids.

The sale was confirmed Wednesday by the Guardian Media Group (GMG) and the Scott Trust, despite a last-minute proposal from eco-entrepreneur Dale Vince to keep the paper under a trust-based ownership model.

Vince, the founder of Ecotricity, had pledged to operate The Observer under the Green Britain Foundation, retain its print edition, and avoid requiring external funding. Despite his efforts, including joining journalists on a strike picket line last week, his proposal was ultimately unsuccessful.

Under the agreement with Tortoise, the company will invest £25 million into The Observer, with £5 million coming from the Scott Trust. The deal also marks a historic moment for the publication, as Lucy Rock becomes the first woman in 100 years to serve as editor of The Observer’s print edition.

Ole Jacob Sunde, chair of the Scott Trust, praised the deal, saying:

“This deal secures fresh investment and ideas for The Observer that will take the title to new audiences and enhance the role liberal journalism plays in our society.”

The sale to Tortoise prompted the first strike by Guardian and Observer journalists in decades. Unionized staff are set to meet Friday to discuss potential further industrial action.

Founded in 1791, The Observer is entering new ownership for the first time since the early 1990s. The acquisition reflects the evolving dynamics of the media industry, where digital platforms are increasingly taking prominence.

A spokesman for Tortoise Media confirmed that the company is on track to achieve profitability next year, bolstered by a fresh funding round from its investors. The Observer deal is expected to support its long-term strategy for expanding liberal journalism to new audiences.
Source: Sky news
Image: The Times