Sky News has reported that the Guardian Media Group is holding discussions to sell its Observer weekend masthead to Tortoise Media.
Tortoise Media, which was founded in 2018 by journalist James Harding with a ‘slow news’ approach to reporting, is reportedly willing to invest £25 million into the Observer over a five-year period.
Harding has described Tortoise Media as a cross between TED and The Economist.
A spokesman for Tortoise Media told Sky news: "We believe The Observer is one of the greatest brands in news, and we believe passionately in its future both in print and digital formats.
"The idea of it combining with our newsroom, to marry our expertise in podcasts and live events, and their exceptional record in reporting and original thinking, as well as their passion for music and film and food, is one we are keen to explore."
“Harding is affable and well liked,” Guardian columnist Emily Bell said of the Observer’s potential new owner when he made the risky decision to leave as head of BBC’s news output to launch Tortoise Media.
He was previously an editor at The Times.
Update 3.40pm: The Guardian Media Group has confirmed that talks are underway.
Anna Bateson, GMG's chief executive, said: "This is an exciting strategic opportunity for the Guardian Media Group.
"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."