The Guardian Media Group (GMG), parent company of the famous newspaper of the same name, announced today that it is in negotiations to sell the British newspaper The Observer, the world’s oldest Sunday publication, which it has owned for more than 30 years.

GMG is “in formal negotiations for the possible sale of The Observer” with Tortoise Media, a news website founded in 2019, The Guardian announced on its website.

Although the newspaper did not specify the amount targeted for this sale, Tortoise Media submitted a “sufficiently significant” offer, which will be scrutinized and “would help (the paper) secure its future.”

This opportunity would also allow the Guardian to “focus on its growth strategy to become more global, more digital and even more reader-funded”, commented Anna Bateson, GMG group managing director.

Founded in 1791, The Observer newspaper was acquired by the Guardian Media Group in 1993.

GMG Group has today published its results for the financial year. Based on these, revenue from digital readers increased by 8% to £88.2m (€104m), of which over 56% came from countries outside the UK.

But total turnover fell 2.5% to £257.8m (€306m) due to “a slowdown in the advertising market and structural pressures on print media”.

Tortoise Media was founded by a former Times and BBC editor along with a former US ambassador to Britain.