British newspaper The Observer sold to startup Tortoise Media

British Sunday newspaper The Observer — one of the oldest in the world — has been sold to startup Tortoise Media.

This was reported by The Guardian, writes Reuters.

The startup promises to revive the newspaper as a powerful voice in liberal journalism.

Tortoise Media was founded five years ago by former BBC News chief James Harding. The startup has raised £25 million ($32 million) to invest in the newspaper.

The Observer, founded in 1791, is one of the most famous newspapers in the UK, and was once the home of the author of the novel «1984» George Orwell. In 1993, the newspaper was acquired by Guardian Media Group (GMG), after which it became a sister publication of the daily newspaper The Guardian. The Observer currently does not have a separate digital brand — all its content is published on The Guardian website.

Journalists at The Guardian and The Observer protested the sale by organizing a 48-hour strike. The National Union of Journalists (NUJ), which supported the protest, expressed concerns about the «stability of The Observer's journalism if it were sold to the unprofitable startup Tortoise».

Under the deal, GMG's owner, the £1.3bn Scott Trust, will retain a minority stake in Tortoise Media.

Guardian News & Media editor-in-chief Catherine Viner admitted the sale was a difficult decision for the Observer team but called it the best possible move for the future of journalists and readers.

«This model will invest in journalism, preserve the values ​​of the Scott Trust and ensure trust in the liberal journalism produced by The Observer and The Guardian», — she said.

Tortoise Media said it would give The Observer a separate digital identity. The paper will focus on smaller, real-time news stories, as well as investigative, first-hand reporting and data. The online edition plans to introduce paid access to content, following the success of The Atlantic.

«We believe in the future of the newspaper as a digital product and a multi-section print publication, published every Sunday», — the company said in a statement.

The management and editorial board of Tortoise will include a representative from the Scott Trust, ensuring the publication's legacy is preserved. Tortoise Media's investors also include Woodbridge Investments Corporation, owned by the Thomson family — major shareholders of Thomson Reuters.