Financial publisher Capital Ideas has approached Guardian Media Group with an offer to buy the Observer, according to reports.
Capital Ideas, which publishes a number of financial magazines, newsletters and directories including Compliance Monthly and Investing for Growth, wants to buy the world’s oldest Sunday newspaper from GMG for a nominal sum.
It emerged last month earlier this month that GMG was mulling the future of the Observer with considerations including closing the title and changing it to a weekly news magazine.
According to City AM, Capital Ideas wrote to Derek Gannon, chief operating officer of GMG, earlier this month with the proposal.
Turing the paper into a weekly news magazine in the style of The Week, is also one option being considered by Capital. However, it plans to slim down the paper’s current staff considerably if any deal goes ahead.
GMG told City AM it had not yet received the letter. Its spokesman said: ‘It is not surprising, in the light of recent media coverage, that opportunistic and unsolicited approaches of this nature might be made.”
GMG is currently undergoing a strategic company review, details of whihc are expected to be revealed next month.