The Scott Trust and Guardian Media Group (GMG) have signed a deal with Tortoise Media to buy the Observer.
Lucy Rock has been appointed editor (print) of the Observer, the first woman to oversee the newspaper in 100 years. She will work alongside a digital editor, as the Observer builds its own online brand. Lucy will report to James Harding, who will be editor-in-chief.
Tortoise Media is purchasing the Observer through a combination of cash and shares. In addition, Tortoise Media has agreed a five-year commercial agreement with GMG, which will see it pay for both print and distribution services, as well as marketing through the Guardian. The Scott Trust will have a 9% stake in Tortoise Media.
The Scott Trust will join new and existing investors by committing £5m into Tortoise Media as part of the £25m investment.
The Scott Trust will take a seat on the commercial board, chaired by Matthew Barzun, President Obama’s ambassador to the UK, and a seat on the editorial board, chaired by Sir Richard Lambert, the former editor of the Financial Times.
Tortoise Media has also committed to safeguard journalistic freedom and the editorial independence of the Observer, undertaking to honour the liberal values and journalistic standards of the Scott Trust in their editorial code.
Lucy Rock, editor of the Observer newspaper, said:
“It is a huge privilege to be entrusted with the editorship of the Observer newspaper and to lead its first-class team of reporters, commentators, critics and editors into a new era of its storied history.
“As the latest steward of the world’s oldest Sunday newspaper, I am committed to preserving and protecting its liberal, independent, internationalist values.
“I look forward to working with my colleagues as we continue to produce lively, provocative, award-winning pages week-after-week — and to joining the talented team at Tortoise to build a dynamic digital identity for the Observer.”
Ole Jacob Sunde, chair of the Scott Trust, said:
“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.
“We have taken steps to enshrine our values in the new ownership structure and the Scott Trust will continue to play an important and active role in the Observer’s future through an ownership stake and board membership.”
Charles Gurassa, chair of the Guardian Media Group board, said:
“This marks an exciting new chapter for the Observer and the Guardian.
“This deal creates the right environment for both titles to thrive, ensuring editorial independence and increasing investment in agenda-setting journalism.”
[ENDS]
Notes to editors
About the Scott Trust Ltd
The ultimate owner of the Guardian is the Scott Trust, which was originally created as a trust in 1936 to safeguard the title’s journalistic freedom. In 2008 it was replaced by a limited company with the same core purpose as the original trust: to secure the financial and editorial independence of the Guardian in perpetuity, while its subsidiary aims are to champion its principles and to promote freedom of the press in the UK and elsewhere. Other than to cover expenses, the Scott Trust takes no dividend from the Group’s businesses, whose profits are instead reinvested to sustain journalism that is free from commercial or political interference.
About the Guardian Media Group
Guardian Media Group is amongst the world’s leading media organisations. Its core business is Guardian News & Media (GNM), publisher of theguardian.com, one of the largest English-speaking quality news websites in the world.
In the UK, Guardian Media Group publishes the Guardian newspaper six days a week, first published in 1821. Since launching its US and Australian digital editions in 2011 and 2013, respectively, traffic from outside of the UK now represents around two-thirds of the Guardian’s total digital audience. The Guardian also has an international digital edition and a new European edition that launched in 2023.
