Tortoise Media
Tortoise Media is a British digital media company founded in 2018 by James Harding, former editor of The Times and BBC News director, focusing on "slow news" that emphasizes in-depth analysis, accountability journalism, and multimedia formats such as podcasts and newsletters rather than high-volume daily reporting.[1][2] The organization produces content including the investigative podcast series Tortoise Investigates and offers a free app for accessing its materials, aiming to foster "organized listening" and deeper public engagement with complex issues.[3][4] While its audio journalism has achieved profitability, the company as a whole has operated at a loss, relying on investments to sustain operations.[4][1] In December 2024, Tortoise announced a deal to acquire The Observer from Guardian Media Group for an investment of £25 million, combining its digital operations with the historic liberal Sunday newspaper, though the transaction drew significant controversy over concerns about editorial independence, financial stability, and ties to investors amid staff protests at The Guardian.[5][6][7] Coverage from Tortoise has been rated as left-leaning, with a tendency toward progressive narratives and criticism of conservative figures, reflecting patterns observed in much of the UK media establishment.[8]History
Founding and Early Years (2018–2019)
Tortoise Media was founded in 2018 by James Harding, the former editor of The Times and director of news and current affairs at the BBC, alongside Matthew Barzun, the former United States ambassador to the United Kingdom, and Katie Vanneck-Smith, previously president of Dow Jones and The Wall Street Journal.[9][2][10] The company originated informally at Harding's kitchen table, with a mission to pioneer "slow news" by emphasizing in-depth analysis of underlying forces shaping events over immediate headlines.[11][1] To bootstrap operations, Tortoise launched a Kickstarter crowdfunding campaign on November 19, 2018, seeking £75,000 but ultimately raising £539,000 from more than 1,500 backers within weeks, marking one of the platform's most successful journalism fundraisers.[9][12][13] Rewards included memberships starting at £250 annually, invitations to live "ThinkIns" discussion events, and early access to content, which helped build a community of supporters while comprising roughly 10% of the initial budget—the bulk funded by undisclosed angel investors.[14][1] Following the campaign's success, Tortoise conducted beta testing with limited content releases from January to March 2019, before officially launching its website and public operations in April 2019.[15][12] Early efforts centered on developing formats like podcasts and interactive "ThinkIns" events in London, alongside a rejection of traditional advertising in favor of membership and partnership models.[16][17] By September 2019, the organization had joined the News Media Association, signaling its establishment as a formal player in the UK media landscape.[17]Expansion and Challenges (2020–2023)
During 2020 and 2021, Tortoise Media expanded its audio offerings amid the COVID-19 pandemic, leveraging podcasts to sustain engagement as live events like ThinkIns were curtailed by lockdowns. The Slow Newscast, a weekly investigative series, continued production and built audience through in-depth reporting on global issues.[18] The company also refined its proprietary Tortoise app, launched shortly after its 2019 debut, to centralize access to audio content and the Daily Sensemaker newsletter, emphasizing high-fidelity listening and daily briefings.[19] By 2022, Tortoise intensified focus on "slow podcasts," with series addressing complex topics such as national security and investigations, contributing to reported audio business growth.[20] Revenue streams diversified into smaller B2B events and digital subscriptions, though overall income remained modest at under £7 million annually.[21] A Series A funding round of £10 million, led by Lansdowne Partners, provided capital for scaling operations around this time.[1] Financial challenges persisted, with pre-tax losses escalating to £4.6 million in 2022—a 45% rise from 2021—driven by high editorial costs and slow monetization of slow journalism.[22] Cumulative losses approached £20 million by late 2023, reflecting investor dependency rather than profitability.[21] In response, management implemented cost reductions, including staff redundancies and a pivot to audio-centric and B2B models, narrowing the 2023 pre-tax loss to £3.8 million despite revenue dipping to £6.1 million.[23] These measures highlighted tensions between ambitious expansion and the inherent unprofitability of resource-intensive, non-clickbait journalism in a fragmented media landscape.[21]Acquisition of The Observer (2024–2025)
In September 2024, Guardian Media Group (GMG) entered negotiations to sell The Observer to Tortoise Media, citing the newspaper's persistent financial losses and the need to focus resources on The Guardian.[24][25] The sale aimed to secure £25 million in new investment for The Observer, including commitments to maintain its Sunday print edition and develop a digital presence.[26] Journalists at GMG titles, including The Observer, opposed the deal, launching a 48-hour strike on December 4, 2024—the first in over 50 years—followed by a second strike starting December 12, 2024, in protest over lack of consultation and concerns about editorial independence under Tortoise, a smaller "slow news" publisher.[27][28][29] Despite the industrial action involving nearly 500 staff, GMG's board approved Tortoise's offer on December 6, 2024.[30] The Scott Trust, which owns GMG, endorsed the transaction to preserve The Observer's liberal values, agreeing to invest in Tortoise Media as a shareholder and secure seats on its editorial and commercial boards; the deal included a £5 million cash payment from the Trust alongside the transfer.[31][10] The acquisition was finalized through a mix of cash and shares, with a five-year commercial agreement between Tortoise and GMG.[32] Staff were offered transfers to Tortoise on existing contracts or enhanced redundancy terms, with a 18-month window to apply for Guardian roles post-departure.[33] The transition completed after April 22, 2025, with Tortoise publishing its first edition of The Observer on April 26, 2025, integrating the title into its audio-first and investigative model while expanding digital arts, ideas, and news coverage.[34][35]Organizational Structure and Personnel
Founders and Leadership
Tortoise Media was co-founded by James Harding and Katie Vanneck-Smith in late 2017, with the company formally incorporated on December 5, 2017, and publicly launched in 2019.[36][9] Harding, born September 15, 1969, previously served as editor of The Times from 2007 to 2012 and director of news and current affairs at the BBC from 2013 to 2018, bringing extensive experience in British journalism to the venture focused on "slow news."[37] Vanneck-Smith, who had been president of Dow Jones and publisher of The Wall Street Journal internationally, contributed business acumen from her roles in global media operations; she departed Tortoise in 2022 to become CEO of Hearst UK.[9][38] Harding continues as co-founder, editor, and director, maintaining oversight of editorial direction, including as editor-in-chief following the 2024 acquisition of The Observer.[32][39] In February 2025, Tortoise appointed co-CEOs Emma Sullivan and Richard Furness to lead operations amid integration of The Observer; Sullivan, previously managing director at Tortoise, handled aspects of the acquisition, while Furness joined from Guardian News & Media, where he served over 25 years as chief strategy and business development officer.[40][41] The board, expanded to nine members post-acquisition with a majority of non-executive directors, includes investor Matthew Barzun (appointed May 29, 2018) and Clive Cowdery (appointed May 19, 2025), alongside Furness.[32][39]Editorial and Business Teams
The editorial team at Tortoise Media is led by co-founder and editor James Harding, a former editor of The Times and director of BBC News, who oversees the organization's "slow news" journalism approach emphasizing in-depth investigations and podcasts.[32][42] Key editorial partners include Ceri Thomas, a former editor of BBC Radio 4's Today programme, who contributes to editorial direction and content strategy.[9] Following the acquisition of The Observer in December 2024, Lucy Rock was appointed as editor of the title on December 18, 2024, marking the first female editor in over a century, with a focus on narrative investigations rather than breaking news.[43] The business team comprises executives managing operations, commercial partnerships, and post-acquisition integration. On February 4, 2025, Tortoise appointed co-CEOs Emma Sullivan, previously managing director who led the Observer deal negotiations, and Richard Furness, former chief strategy and business development officer at Guardian Media Group, to represent both legacy organizations in steering commercial and strategic growth.[40] Michelle Henderson serves as chief operating officer, bringing over 30 years of experience in media transformation and growth.[44] Additional roles include Mike Duffy as chief commercial officer for The Observer, appointed to handle sales strategy, and Kamil H. as commercial director for partnerships.[45][46] These appointments reflect Tortoise's shift toward integrating The Observer's staff, with approximately 46 employees transferring and redundancies affecting around 24 others by early 2025.[47]Editorial Philosophy and Operations
The Slow News Approach
Tortoise Media defines its slow news approach as a deliberate rejection of the "breaking news" cycle in favor of journalism that prioritizes depth, verification, and long-term impact over speed and volume.[48] Co-founder and editor James Harding, drawing from his tenure at The Times and BBC News, established this model to produce work that "takes longer but has real impact," focusing on narrative investigations, analysis, and explanatory content rather than reactive reporting.[10] The approach counters audience news fatigue by curating limited daily output—such as no more than five articles in its subscriber "slow newsfeed"—to encourage thoughtful engagement without overwhelming readers.[49] Central to this philosophy is the tagline "Slow down, wise up," which underscores a commitment to unpacking the drivers behind events through extended timelines for research and reflection.[9] Implementation occurs via specialized formats, including the podcast The Slow Newscast, launched in 2019, which dedicates episodes to dissecting complex issues like conspiracy theories or policy implications with expert input and archival depth.[50] Harding has described this as reinventing slow news to combat "headline addiction," emphasizing trustworthy explanations of causal factors over ephemeral updates.[51] The model extends to editorial practices, such as collaborative "news meetings" that allocate time for idea incubation rather than daily deadlines, and a focus on multimedia outputs like audio investigations that build audience understanding incrementally.[4] While proponents argue it restores credibility amid fast-news skepticism, the approach inherently limits scale, with Tortoise publishing selectively to maintain quality—evident in its pivot toward profitable audio segments by 2022.[20] This contrasts with traditional outlets' volume-driven metrics, positioning slow news as a niche strategy for discerning audiences seeking substantive insight.[52]Content Formats and Innovations
Tortoise Media produces content primarily through audio formats, including daily and weekly podcasts that emphasize narrative-driven investigations and analysis over rapid news cycles. Key offerings include The Slow Newscast, a weekly podcast launched in 2019 that explores under-reported stories through extended reporting, and The News Meeting, which discusses news prioritization with editorial teams.[53] Other series under Tortoise Investigates feature serialized audio documentaries, such as Sweet Bobby (8 episodes on deception and relationships) and The Lab Detective (5 episodes on scientific misconduct), often exceeding traditional podcast lengths to allow for deeper contextualization.[53] The organization also distributes newsletters as a core format, with the Daily Sensemaker providing weekday briefings that distill complex events into concise, analytical summaries aimed at fostering clarity amid information overload. Additional Sensemaker variants offer themed insights, such as weekly animal stories in The Animal Sensemaker. These newsletters integrate with audio content, encouraging cross-consumption via the free Tortoise app, which curates personalized feeds of episodes and readings.[54][53] Innovations in Tortoise's approach center on "slow journalism," which prioritizes fewer, rigorously examined stories to counter the volume-driven model of conventional media, enabling outputs like themed collections (e.g., 13 episodes on UK politics) that blend audio, articles, and listener input. The pivot to audio-first publishing, announced in 2022, leverages high-fidelity production and app-based delivery to boost engagement and membership conversion, particularly among younger audiences, with audio reported as the company's only profitable segment at that time.[2][4] Complementing digital formats, Tortoise hosts interactive live events known as ThinkIns, unscripted discussions in its London newsroom where members contribute to story development, diverging from passive panel formats to incorporate audience expertise directly into editorial processes. Examples include live iterations of The News Meeting podcast, fostering community-driven agenda-setting as part of its slow news ethos.[55][56]Business Model and Funding
Revenue Streams and Partnerships
Tortoise Media's primary revenue streams consist of membership subscriptions and corporate partnerships, which together fund its journalism operations. Memberships, introduced via a 2018 Kickstarter campaign that raised £539,000 from 2,800 founding members, provide ongoing subscriber fees supporting investigative reporting and content access.[1][9] By 2022, with approximately 66,000 subscribers, membership revenue was estimated at around £5.5 million.[57] Corporate partnerships form a significant portion of revenue, reportedly exceeding that from memberships, and involve collaborations with organizations to underwrite original reporting, investigations, and public debates without compromising editorial independence.[56] These partnerships emphasize selective backing for "slow journalism," avoiding overt advertising, and include sponsored newsletters sent to over 100,000 subscribers.[58][57] Additional streams include live events and audio content monetization. Events, such as annual gatherings co-hosted with entities like Brunswick and the Rothschild Foundation, contribute through B2B formats, with a strategic shift toward smaller-scale versions by 2023.[10][21] Podcast distribution and advertising are handled via a 2021 partnership with Acast, enabling revenue from "Slow News" series hosting and sponsorships.[59]Ownership and Major Investors
Tortoise Media is structured as a private limited company, Tortoise Media Ltd, incorporated in the United Kingdom on December 6, 2017.[36] Ownership is distributed among individual shareholders, investment firms, and family offices, with no single entity holding majority control prior to recent developments.[42] Detailed shareholder information is publicly available through Companies House filings, reflecting a diverse investor base that includes media veterans, hedge funds, and billionaire families.[42] The largest individual shareholder is co-founder and editor James Harding, who holds 32.5% of the shares, granting him significant influence over strategic decisions.[42] The Thomson family, through their investment vehicle Woodbridge Company, owns 16.1%, making them the second-largest shareholder; the family controls Thomson Reuters and has a net worth exceeding $70 billion.[42] [60] Lansdowne Partners, a London-based hedge fund that led Tortoise's £10 million Series A funding round in January 2022, holds 11.78%.[42] [61] Other notable investors include Yellowwoods Associates (5.52%), associated with Leslie Perlman, former CFO of Nando's; Corten Capital co-founder Joseph Schull (4.42%); and co-founder Matthew Barzun (3.8% directly, plus 2.8% jointly with his wife).[42] Smaller stakes are held by figures such as H&M heirs Karl-Johan Persson (2.83%) and Tom Persson (2.36%), as well as venture firm Localglobe (1.53%).[42] Early funding included a 2019 Kickstarter crowdfunding campaign that raised £539,000 from over 3,000 backers, supporting initial operations.[9] In December 2024, as part of the acquisition deal for The Observer, the Scott Trust invested £5 million in Tortoise Media, acquiring a 9% stake and becoming one of its largest shareholders.[62] This infusion aimed to bolster Tortoise's financial position amid ongoing losses, with the Trust emphasizing editorial safeguards in the agreement.[62]| Major Shareholder | Stake (%) | Notes |
|---|---|---|
| James Harding | 32.5 | Co-founder and editor; significant control per Companies House.[42] |
| Woodbridge Company (Thomson family) | 16.1 | Investment arm of Thomson Reuters owners.[42] |
| Lansdowne Partners | 11.78 | Led 2022 Series A round.[42] [61] |
| Scott Trust | 9 | Acquired via £5m investment in December 2024.[62] |