A significant ownership shift has taken place at The Economist Group after Canadian billionaire Stephen Smith agreed to acquire a 26.9 per cent stake from Lynn Forester, Lady de Rothschild, marking the first major change in the publisher’s shareholder structure in more than a decade.
Smith, 74, is purchasing the stake through his family investment vehicle, Smith Financial, in a deal that underscores continued global investor confidence in one of the world’s most influential media brands. While financial terms have not been disclosed, the transaction represents a notable reshaping of the group’s ownership, with the Rothschild family exiting a long-held position.
The move follows the last major ownership change in 2015, when Pearson sold the majority of its 50 per cent holding to the Agnelli family’s investment company, Exor, which today remains the largest shareholder with a 43.4 per cent stake. Smith’s investment now positions him as one of the most significant minority shareholders alongside Exor, reinforcing a shareholder base that blends long-term strategic investors with a commitment to editorial independence.
Founded in 1843, The Economist Group has built its reputation on championing free trade, liberal economics and independent journalism. That editorial positioning has historically shaped its ownership model, with shareholders often selected not only for financial backing but for alignment with the publication’s values and governance principles.
A spokesperson for Smith confirmed that the investment reflects his “full support for The Economist’s longstanding tradition of rigorous editorial independence”, a key consideration in any change of ownership at the publication. Maintaining that independence is central to the group’s structure, with safeguards embedded in its governance to ensure editorial decisions remain insulated from shareholder influence.
Lady de Rothschild’s decision to sell is understood to be part of a broader reorganisation of her family’s investment portfolio. A prominent figure in international finance and philanthropy, she co-founded telecoms business FirstMark Communications and has held senior roles including a position on the board of Estée Lauder. Alongside her late husband, Sir Evelyn de Rothschild, she also built EL Rothschild, a family office with interests spanning private equity, public markets and real estate.
Smith, meanwhile, brings deep experience in financial services and investment. He co-founded First National Financial Corporation in 1988, building it into one of Canada’s largest non-bank mortgage lenders, and stepped down from its board in 2025. His wider portfolio includes chairmanship roles at Peloton Capital Management, proxy advisory firm Glass, Lewis & Co, and Fairstone Bank of Canada, a major consumer lending institution.
Beyond business, Smith is also known for his philanthropic activity, particularly in education, heritage and the arts, areas that align with The Economist Group’s broader intellectual and cultural influence.
The Economist Group confirmed the agreement, noting that completion remains subject to standard closing conditions. The company did not comment on valuation but emphasised continuity in its strategic direction and governance framework.
The transaction comes at a time when premium media brands continue to attract high-net-worth investors seeking exposure to trusted global content platforms with diversified revenue streams, including subscriptions, events and specialist research services.
For The Economist, the arrival of a new cornerstone investor signals stability rather than disruption. With its ownership model designed to prioritise long-term stewardship over short-term returns, the addition of Smith Financial is expected to reinforce the group’s financial resilience while preserving the editorial principles that have defined it for more than 180 years.
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Canadian billionaire Stephen Smith takes 27% stake in economist group
