The sale of the Observer to Tortoise Media has been signed, kickstarting plans to shake up the world's oldest Sunday newspaper with a new website and daily digital content.
The deal will see Tortoise take on all members of staff who wish to stay working for the Observer, it was confirmed today.
Tortoise plans to combine its newsroom with that of the 233-year-old newspaper, to create a daily digital Observer that includes a new website, podcasts, video content and newsletters.
It has pledged to invest £25m in the Observer, with a commitment to continue printing on a Sunday.
Acting editor Lucy Rock will become the newspaper's editor of print.
She said it was a "huge privilege to be entrusted with the editorship" of the Observer and that she was looking forward to building a "dynamic digital identity" for the paper.
The first Observer under Tortoise ownership is expected to be published in the spring.
Tortoise said it had promised to meet all key employment terms for any members of staff, as well as freelancers and contributors, who wish to keep working for the company.
It previously said its investment would lead to at least 12 new roles for staff reporters and a near-doubling of the editorial budget.
