Canadian billionaire Stephen Smith buys 27% stake in the Economist

"Smith and his family holding company, Smith Financial Corp, which owns financial businesses, including co-ownership of influential proxy advisory group Glass Lewis, has acquired a 26.9% stake in the Economist Group (TEG) for an undisclosed sum. Last year it was reported that the family banking dynasty's holding in the media group, which also includes 20% of the voting shares, was worth about $537m."

"TEG is the parent company of the respected weekly news magazine, the Economist, which the company itself refers to as a newspaper, as well as a digital-only sister publication 1843 Magazine and a business intelligence unit. It reported revenues of 369m and a profit of 48m in the year to the end of March 2025, while subscriber numbers to the Economist increased by 3% to 1.25 million."

"This investment reflects Mr Smith's full support for the Economist's longstanding tradition of rigorous editorial independence and will see The Economist's strategy and operations continue unaffected, said a spokesperson. The deal is subject to approval by the company's four independent trustees, who are responsible for maintaining the editorial values of the Economist, and TEG's board of directors."

Stephen Smith and his family holding company, Smith Financial Corp, have purchased a 26.9% stake in the Economist Group (TEG), the parent company of the Economist magazine and other publications. This acquisition represents only the third significant ownership restructuring in the organization's 183-year history. Lynn Forester de Rothschild, who held the stake since 2002, previously owned approximately 20% of voting shares valued at roughly $537 million. The Economist Group reported revenues of 369 million and profits of 48 million for the year ending March 2025, with subscriber numbers reaching 1.25 million. The deal requires approval from the company's four independent trustees responsible for maintaining editorial independence. Smith's investment affirms commitment to the Economist's editorial standards and independence, with operations expected to continue unchanged.

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