The Guardian in talks to sell The Observer
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The Guardian Media Group is in talks to sell The Observer, the world's oldest Sunday newspaper, to Tortoise Media, a U.K.-based media startup.
Why it matters: A slew of U.K. newspapers are up for sale as media owners try to globalize their brands and move away from the British tabloid era.
They include:
- The Telegraph's monthslong bidding war continues to make headlines as more potential buyers step up. The latest party to express interest is Dovid Efune, a British-born editor who purchased The New York Sun in 2021 to revive the paper as a digital-only venture.
- The Spectator, which was formerly owned by the same owners as The Telegraph, sold for £100m to hedge fund magnate Sir Paul Marshall, a top investor in the U.K.'s right-leaning broadcaster GB News.
Zoom in: Offloading The Observer is part of a broader shift by The Guardian to become more global and digitally focused.
- "This is an exciting strategic opportunity for the Guardian Media Group," CEO Anna Bateson said in a statement Tuesday. "It provides a chance to build the Observer's future position with a significant investment and allow the Guardian to focus on its growth strategy to be more global, more digital and more reader-funded."
Catch up quick: Guardian Media Group purchased the storied paper in 1993, more than 200 years after its founding.
- Tortoise Media executives told The Guardian it plans to invest more than £25m to modernize and digitize the brand over the next five years.
The big picture: The Guardian is one of several U.K.-based publications — including Reach, Financial Times, Hello!, The Sun and the Daily Mail — looking to expand their global footprints with new investments in the U.S. market.
- The Daily Mail launched in the U.S. online in 2014 and has served as a blueprint for many publications looking to expand. Today, it's one of the country's most popular digital news brands.
What to watch: The new editor of the Daily Mail U.S., Katie Davies, starts Tuesday. She'll be charged with doubling down on new platforms, such as newsletters and events, while continuing to grow the brand's enormous social and digital reach, a spokesperson tells Axios.
- With over 15 million followers across all Mail accounts on TikTok (10 million for its main account alone) and nearly 4 million on YouTube, the Daily Mail is one of the most viral news brands in the world.
