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The Guardian - UK
The Guardian - UK
Business
Guardian staff

Tortoise Media reduces losses after cutting spending and staff

Tortoise Observer Tortoise Media James Harding
James Harding
Tortoise was launched in 2019 by James Harding (pictured), a former editor of the Times and former director of news at the BBC, and Matthew Barzun, a former US ambassador to the UK. Photograph: Oli Scarff/AFP/Getty Images

Tortoise Media, which has agreed to buy the Observer newspaper, has reported a smaller annual loss after reducing spending and cutting some staff.

The podcast, newsletters and live events company reported a loss before tax of £3.8m for 2023, down from the previous year’s loss of £4.6m. Turnover fell slightly to £6m, down from £6.2m, amid “consumer and corporate hesitancy”, according to accounts filed with Companies House.

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