UPDATE 1-Britain's Guardian group agrees to sell Observer newspaper to Tortoise Media

Britain's Guardian Media Group (GMG) and its owner the Scott Trust have agreed to sell The Observer, the world's oldest Sunday newspaper, to startup Tortoise Media, the two groups said on Friday.

The Scott Trust will also take a minority stake in Tortoise as part of the deal and a representative will join both the Tortoise company board and the editorial board, Tortoise said. Tortoise has raised 25 million pounds in funding to invest in "the renewal of The Observer", it said.

Tortoise was founded in 2019 by James Harding, a former executive at the Times newspaper and BBC News.