Canadian billionaire Stephen Smith will buy 27% of The Economist group from Forester de Rothschild, which marks the first change of ownership in a decade at the publisher of the prestigious magazine, news this Tuesday, March 17th, the Financial Times (FT).
According to the FT, Stephen Smith’s family holding, Smith Financial, will acquire a 26.9% position in the Forester de Rothschild group, from his family and foundation.
According to the newspaper, which cites sources familiar with the matter, Smith paid around 300 million pounds (around 347 million euros, at current prices).
“This investment reflects Smith’s full support of The Economist’s long tradition of rigorous editorial independence and will ensure that The Economist’s strategy and operations continue unchanged,” Smith Financial said in a statement.
The Economist, whose first publication dates back to 1843, confirmed the sale agreement, which is still subject to approval.
Terms of the agreement were not disclosed.
The acquisition of the stake represents Stephen Smith’s first major investment in the media sector.
The billionaire co-founded First National Financial in 1988, just four years after declaring bankruptcy.
The mortgage lending company was acquired last year by investment groups including Brookfield in a C$2.9 billion ($2.1 billion or €1.8 billion) deal, in which Smith sold around two-thirds of his 37.4% stake.
He is also co-owner of Canada Guaranty Mortgage Insurance and acquired the financial institution Home Trust in 2023, merging it with Fairstone Bank of Canada in 2025. The billionaire is also co-owner of Glass Lewis.
Smith serves as president of the proxy voting consulting firm Glass Lewis, which he co-owns.
The Rothschilds hired Lazard to sell their stake in The Economist — which includes shares representing 20% of the group’s voting rights — last year.
The Economist Group (The Economist Group) — which includes the Economist Intelligence Unit, a research and analysis company — recorded revenues of £368.5 million (€426.5 million) in 2025, an increase from £359.5 million the previous year.
Operating profit rose to £48.1 million (€55.6 million) and subscriptions increased by 3% to £1.3 million (€1.5 million).
The group has a complex ownership structure, with almost 1000 shareholders, ranging from family holdings to current and former colleagues and their families.
The Rothschild stake, which Stephen Smith is buying, includes common shares and special class “A” shares, which will give him the right to vote in the appointment of directors to the Board.
Exor, the Agnelli family’s investment vehicle, holds 43.4% in the group, including all its special class “B” shares.
There are also shares held by trustees, whose consent is required for certain corporate activities in order to protect the editorial independence of The Economist.
No individual shareholder, or group of shareholders acting in concert, has the right to cast votes representing more than 20% of the total voting rights, which, in practice, prevents any attempt to obtain majority control, recalls the FT.
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