Canadian mortgage billionaire Stephen Smith has agreed to buy a minority stake in The Economist Group, marking the first change in the British magazine’s shareholder structure in a decade.
Smith and his family holding company, Smith Financial, will acquire the entire 26.9% stake held by Lynn Forester de Rothschild, her family and her family foundation, company representatives said in emailed statements.
The value of the transaction was not disclosed, and the agreement is subject to certain closing conditions. The website horizon had reported earlier that Smith was looking to buy the stake.
The deal adds another billionaire tycoon to the list of owners of the The Economistwhich includes the Italian industrial dynasty Agnelli and members of the Cadbury and Schroder families.
The magazine was founded in 1843 by Scottish businessman and politician James Wilson, an opponent of the British Corn Laws, which restricted grain imports to benefit the local landowning elite.
The publication — which describes itself as a newspaper — has successfully transformed itself into a digital subscription outlet and is popular among business and political elites for its long-form analysis and informed style.
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The stake marks Smith’s media debut after he built most of his estimated $3.6 billion fortune by investing in the Canadian mortgage market, co-founding First National Financial and acquiring other lenders amid predictions of a housing market collapse.
Forester de Rothschild had been seeking to sell its stake as part of a long-term restructuring of its investment portfolio, as previously reported by Bloomberg.
The Economist Group includes the magazine The Economistthe website, the app and podcasts, in addition to the Economist Intelligence Unit, which provides research on macroeconomic and geopolitical topics, and the event organizer Economist Impact.
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The group employs around 1,540 people in 26 countries, recorded revenue of £369 million and operating profit of around £48 million in the year ending March 31, according to its 2025 annual report.
Subscriptions grew 3% year-on-year to 1.25 million, driven by digital subscriptions, which accounted for 85% of new contracts.
© 2026 Bloomberg L.P.
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