The Observer is to be sold to the news start-up Tortoise Media in a deal that brought the first strikes at The Guardian in more than 50 years.
Under the terms, the Scott Trust, which owns both titles at present, will stay on as part-owner of The Observer and become one of its largest shareholders.
A Scott Trust representative will sit on the Tortoise board, which is chaired by Matthew Barzun, former US ambassador to the UK, and its editorial board, which is led by Sir Richard Lambert, a former editor of the Financial Times.
Tortoise is understood to have paid a nominal amount for The Observer but has pledged to invest £25 million over the next five years as part of a long-term commitment