The Guardian is in talks to sell the Observer, the world’s oldest Sunday publication, to Tortoise, the news website run by James Harding, a former BBC and Times news director.

In a news release released on Tuesday, Guardian Media Group confirmed it is in negotiations following an offer it received from Tortoise to buy the 233-year-old Sunday title.

Details of the potential deal have not yet been released, but newspaper staff have been told that such a move is a significant investment for the paper in securing its future.

The news came as Guardian Media Group reported a slight fall in annual revenue (£257.8m).

Despite a record increase in readership of its online edition, a decline in advertising spending weighed on sales

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