.jpg)
15 hours ago
2
Article content
(Bloomberg) — Canadian mortgage billionaire Stephen Smith has agreed to buy a minority stake in The Economist Group, marking the first ownership shake-up in the storied British current affairs magazine in a decade.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Smith and his family holding company Smith Financial Corp. will buy the entire 26.9% stake held by, Lynn Forester de Rothschild, her family and her family foundation, representatives for the companies said in emailed statements.
Article content
Article content
The price of the transaction wasn’t disclosed, and the agreement is subject to certain closing conditions. The Horizont website reported earlier that Smith was looking to buy the stake.
Article content
Article content
The deal sees another wealthy mogul added to The Economist’s list of owners, which includes Italy’s Agnelli industrial dynasty and members of the Cadbury and Schroder families. The magazine was founded in 1843 by Scottish businessman and politician James Wilson, an opponent of Britain’s Corn Laws that restricted the import of grain to benefit local landowning elites. The magazine — which describes itself as a newspaper — has successfully transformed into a digital subscription publication and is popular with business and political elites for its long-form analysis and knowing style.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The stake is Smith’s first foray into media after he made the bulk of his estimated $3.6 billion fortune by investing in Canada’s mortgage market, co-founding mortgage lender First National Financial Corp. and acquiring other lenders in defiance of an anticipated housing crash.
Article content
Forester de Rothschild has been seeking to sell her stake as part of a long-term reshaping of her investment portfolio, Bloomberg previously reported.
Article content
The Economist Group includes The Economist magazine, website, app and podcasts as well as the Economist Intelligence Unit, which provides research on macro economic and geopolitical topics and event organizer Economist Impact.
Article content
It employs about 1,540 staff in 26 countries, reported revenue of £369 million ($492 million) and operating profit of about £48 million in the year to March 31, according to its 2025 annual report. Subscriptions rose 3% year-on-year to 1.25 million, boosted by digital subscriptions, which accounted for 85% of new starts.
Article content
English (US)