Tortoise Media acquires Observer newspaper as deal finalised

The sale of The Observer newspaper to Tortoise Media has been finalised, following a deal signed by The Scott Trust and Guardian Media Group (GMG). James Harding is set to become the editor-in-chief, while Lucy Rock will take on the role of editor (print), making her the first woman to oversee the newspaper in a century.

The acquisition of The Observer by Tortoise Media involves a mix of cash and shares, though the total consideration remains undisclosed. A five-year commercial agreement has also been established between Tortoise Media and GMG, which includes payment for print and distribution services, as well as marketing through the Guardian, as reported by City AM.

The Scott Trust will hold a nine per cent stake in Tortoise Media and will contribute £5m to Tortoise Media as part of a £25m investment. The trust will also have representation on both the commercial board, chaired by Matthew Barzun, former ambassador to the UK under President Obama, and the editorial board, chaired by Sir Richard Lam