Guardian Finalizes Sale of The Observer to Tortoise Media

The deal includes financial investments and concessions for staff, though concerns remain about job security and Tortoise Media's financial stability.

• The Scott Trust, owner of Guardian Media Group, has agreed to sell The Observer to Tortoise Media, a startup founded by former BBC News head James Harding.
• Tortoise Media will invest £25 million into The Observer and plans to put its content behind a paywall while maintaining a Sunday print edition.
• The Scott Trust will retain an equity stake in Tortoise Media and will contribute £5 million to support The Observer's operations.
• Staff concerns about Tortoise Media's financial viability persist, as the company has reported cumulative losses of £20.3 million since its launch in 2018, despite breaking even in late 2023.
• Concessions include voluntary redundancy options, internal Guardian job applications for two years, and redundancy terms matching a 2024 agreement, though some freelance and casual staff lack job security guarantees.

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