The Economist Group underwent a significant ownership change after Canadian billionaire Stephen Smith agreed to purchase a 26.9 percent stake from Lynn Forester, Lady de Rothschild. This marked the first major change in the publisher’s shareholder structure in more than a decade.
Smith, 74, is purchasing the shares through his family investment vehicle, Smith Financial. This underscores the continued confidence of global investors in one of the world’s most influential media brands. Although financial terms were not disclosed, the transaction represents a notable shakeup of the group’s ownership, as the Rothschild family exits a long-held position.
The move follows the last major ownership change in 2015, when Pearson sold the majority of its 50 percent stake to the Agnelli family investment company Exor, which today remains the largest shareholder with a 43.4 percent stake. Smith’s investment now positions him alongside Exor as one of the most significant minority shareholders and strengthens a shareholder base that combines long-term strategic investors with a commitment to editorial independence.
Founded in 1843, The Economist Group earned its reputation by championing free trade, liberal economics and independent journalism. This editorial positioning has historically shaped the ownership model, with shareholders often selected not only for their financial support but also for their 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 strong editorial independence,” an important consideration in any change of ownership of the publication. Maintaining this independence is central to the structure of the group. Safeguards are embedded in corporate governance to ensure that editorial decisions remain shielded from shareholder influence.
Lady de Rothschild’s decision to sell is understood to be part of a wider restructuring of her family’s investment portfolio. She is a prominent figure in international finance and philanthropy. She co-founded the telecommunications company FirstMark Communications and has held senior positions including a position on the board of Estée Lauder. Along with her late husband, Sir Evelyn de Rothschild, she also built EL Rothschild, a family office with interests in private equity, public markets and real estate.
Smith now brings extensive experience in financial services and investments. He co-founded First National Financial Corporation in 1988 and grew it into one of Canada’s largest non-bank mortgage lenders. He resigned from the board in 2025. His broader portfolio includes chairman roles at Peloton Capital Management, proxy advisory firm Glass, Lewis & Co and Fairstone Bank of Canada, a major consumer lender.
Beyond business, Smith is also known for his philanthropic activities, 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 and noted that completion remains subject to standard closing conditions. The company did not comment on the assessment but emphasized the continuity of its strategic direction and governance framework.
The transaction comes at a time when premium media brands continue to attract high net worth investors seeking access to trusted global content platforms with diversified revenue streams, including subscriptions, events and specialized research services.
For The Economist, the arrival of a new major investor signals stability rather than disruption. With its ownership model designed to prioritize long-term responsibility over short-term returns, the addition of Smith Financial is expected to strengthen the group’s financial resilience while preserving the editorial principles that have characterized it for more than 180 years.
