Tuesday afternoon, GMG verified an exclusive News report, stating that it was in talks with Tortoise Media over the sale of the title.
Although banking insiders warned that an agreement might not be achieved, talks between the two sides have been going on for a while.
It is claimed that Tortoise Media is willing to invest a total of £25 million in The Observer during the first five years of its ownership.
The possible cost that James Harding’s 2019-founded Tortoise Media would have to pay.
The chief executive of GMG, Anna Bateson, stated in a statement following News’ disclosure of the talks: “The Guardian Media Group has an interesting strategic opportunity here.
It offers an opportunity to strengthen the Observer’s position going forward with a sizable investment and frees up the Guardian to concentrate on its expansion plan to become more reader-funded, globally oriented, and digitally advanced.
