This has been a major coup for Tortoise, which I’ve followed for quite some time. A couple of years ago, they splashed out on two editions of the Kite festival a glossy mix of music, talks, and comedy featuring a star-studded lineup that included Tina Brown, Joan Collins, and John Major, all hosted under the ringmaster-like eye of former BBC News chief James Harding. It must have cost them a fortune.
Tortoise has done a lot of serious investigative work, often for other outlets their exposé on hedge fund boss Crispin Odey, published in the Financial Times, was a standout piece of journalism. But I’m not entirely convinced by their pivot towards what feels like a relaunched Observer. Stripped of the Guardian connection, I’m not quite sure what Tortoise’s editorial identity is anymore.
That said, given the traction they’ve had with Part 1 of this story, let’s hope they have a lot more in store for Part 2. Otherwise, it risks becoming a damp squib on the way to a wider decline which would be a shame.Their costs base must be enormous and I'm not sure what their revenue stream is.