Lucy Rock has been appointed as the first female editor of the Observer in more than a century as part of an announcement that confirmed the sale of the title to Tortoise Media.
The Scott Trust, the ultimate owner of the Guardian, also confirmed it would join new and existing investors by committing £5m into Tortoise Media as part of an overall £25m investment in the Observer.
Rock has been appointed editor (print) of the Observer. She will work alongside a digital editor, as the Observer builds its own online brand, and will report to James Harding, who will be editor-in-chief.
She said it was a “huge privilege to be entrusted with the editorship of the Observer newspaper and to lead its first-class team of reporters, commentators, critics and editors into a new era”.
The Scott Trust said Tortoise Media was purchasing the Observer through a combination of cash and shares.
Last week, NUJ journalists at the Guardian and Observer staged the second of two 48-hour strikes in protest against the sale, after a ballot for industrial action that showed 93% support among the 75% of members who cast a vote.
“The National Union of Journalists and its members at the Guardian and Observer believe the plans are disastrous for the Observer, will damage the reputation of the Guardian and will seriously impact the working conditions for staff on both titles,” said the NUJ last week.
Tortoise Media has agreed a five-year commercial agreement with Guardian Media Group in which it will pay for both print and distribution services, as well as marketing through the Guardian. The Scott Trust will have a 9% stake in Tortoise Media.
“This deal secures fresh investment and ideas for the Observer that will take the title to new audiences and enhance the role liberal journalism plays in our society,” said Ole Jacob Sunde, the chair of the Scott Trust.
“We have taken steps to enshrine our values in the new ownership structure and the Scott Trust will continue to play an important and active role in the Observer’s future through an ownership stake and board membership.”
Rock, currently acting editor, added: “As the latest steward of the world’s oldest Sunday newspaper, I am committed to preserving and protecting its liberal, independent, internationalist values.
“I look forward to working with my colleagues as we continue to produce lively, provocative, award-winning pages week-after-week – and to joining the talented team at Tortoise to build a dynamic digital identity for the Observer.”
Tortoise is run by Harding, the former editor of the Times and former director of BBC News. It has put forward plans to continue publishing the Observer on a Sunday and build the title’s digital presence, including dedicated podcasts, newsletters and live events. News of Tortoise’s approach for the Observer emerged in September.
Observer staff have been told they can either transfer to Tortoise on their existing terms or opt to take enhanced voluntary redundancy.
“The Observer has a historic place in the world of journalism and a special place in the heart of its readers. We’re excited to put all we have into making sure its values, interests and passions reach even more people in the years to come,” said Harding.
“We respect the fact that people have had different views on the best way forward for the Observer. We all share a passionate belief in its future and the privilege of working for it.”
The Scott Trust will have a seat on the company’s board, which will be chaired by Matthew Barzun, President Obama’s ambassador to the UK. The trust will also take a seat on the editorial board, which will be chaired by Richard Lambert, the former editor of the Financial Times.
“This process revealed the enormous regard and passionate connection so many have to the world’s oldest Sunday newspaper,” said Barzun. “We are filled with an awesome sense of responsibility as we become a part of its long story and participants in sharing the stories it will long keep telling.”
Charles Gurassa, the chair of the Guardian Media Group board, added: “This marks an exciting new chapter for the Observer and the Guardian. This deal creates the right environment for both titles to thrive, ensuring editorial independence and increasing investment in agenda-setting journalism.”
