Tortoise thwarts eco-tycoon Vince with deal to buy The Observer
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The Observer is to fall under the ownership of Tortoise Media, a fledgling digital start-up, in a binding deal signed after weeks of controversy about the fate of the world's oldest Sunday newspaper. Guardian Media Group (GMG) and the Scott Trust announced on Wednesday morning that the title will be acquired by Tortoise, even as the eco-tycoon Dale Vince made a last-ditch bid to wrest control of it.
In a letter sent to Guardian bosses on Wednesday and seen by Sky News, Mr Vince pledged to operate the Observer from within the Green Britain Foundation in order to replicate its current trust-based ownership structure. Mr Vince has been involved in an increasingly vocal public battle with the newspaper's existing owners about his interest in acquiring it.
Money blog: Big shoe retailer with 300 stores blames budget for closures. In his letter on Wednesday, the Ecotricity founder also said he would retain the Observer's print edition and pointed out that a deal involving him would not require additional external investment.
Announcing the deal with Tortoise Media, GMG said that Lucy Rock had been appointed editor of the print edition of the Observer, making her the first woman to oversee the newspaper in 100 years. Inflation rises for second month in a row. Is Rachel Reeves playing fast and loose with inflation?.
