Canadian billionaire Stephen Smith purchases a 27% stake in The Economist Group

17 March 2026 , 13:16

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Canadian billionaire Stephen Smith purchases a 27% stake in The Economist Group

Canadian billionaire Stephen Smith has agreed to buy a 26.9% stake in The Economist Group from Lady Lynn Forester de Rothschild, her family, and her foundation, marking the first ownership change at the publisher in a decade.

Smith’s family holding company, Smith Financial, said the investment “reflects Mr Smith’s full support for The Economist’s longstanding tradition of rigorous editorial independence” and that the magazine’s strategy and operations will remain unchanged. The deal is subject to trustee and board approval, and the terms have not been disclosed.

The acquisition represents Smith’s first major media investment. He co-founded First National Financial in 1988, four years after a personal bankruptcy, and sold most of his stake in a C$2.9bn deal last year. He also co-owns Canada Guaranty Mortgage Insurance, acquired Home Trust in 2023, and merged it with Fairstone Bank of Canada in 2025. Smith is chair of the proxy advisory firm Glass Lewis, which he co-owns.

The Rothschilds engaged Lazard to sell their stake, which includes shares carrying 20% of the group’s voting rights. The sale drew interest from wealthy individuals, family offices, and media groups looking to invest in the premium publication.

The Economist Group, which also owns the Economist Intelligence Unit, reported revenues of £368.5mn in 2025, up from £359.5mn the previous year, with operating profit rising to £48.1mn and subscriptions increasing 3% to 1.3 million.

The group has a complex structure with nearly 1,000 shareholders. Smith’s purchase gives him rights to influence board appointments via ordinary and special ‘A’ shares. Exor, the Agnelli family’s investment vehicle, holds 43.4% of the company, including all ‘B’ class shares. Trustees retain control mechanisms to safeguard The Economist’s editorial independence, and no shareholder or group may exercise votes exceeding 20% of total voting rights, preventing any majority takeover.

James Smith

Editor-in-Chief