Stephen Smith buys a 26.9% stake in the Economist Group from the Rothschild family
A major change in ownership has taken place at The Economist Group after Canadian billionaire Stephen Smith agreed to acquire a 26.9 percent 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 buying the stake through his family’s investment vehicle, Smith Financial, in a deal that underscores the continued confidence of global investors in one of the world’s most influential media outlets. Although financial terms were not disclosed, the deal represents a significant reshaping of the group’s ownership, with the long-time Rothschild family stepping down.
The move follows the last major change of ownership in 2015, when Pearson sold a majority stake of 50 percent to the Agnelli family’s investment company, Exor, which today is the largest shareholder with a 43.4 percent stake. Smith’s investment now places him as one of Exor’s most significant minority shareholders, strengthening a shareholder base that includes investors with long-term strategies and a commitment to strategic independence.
Founded in 1843, the Economist Group has built a reputation for championing free trade, free economics and independent journalism. That organizational structure has historically shaped its ownership model, with shareholders often chosen not only for financial support but to comply with publishing standards and governance principles.
A spokesman for Smith confirmed that the investment reflects his “full support for the Economist’s long-standing tradition of strong editorial independence”, which is a major consideration in any change of ownership at the publication. Maintaining that independence is fundamental to the group’s structure, with safeguards built into its governance to ensure that planning decisions remain protected 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. A distinguished expert in international finance and philanthropy, he founded the communications business FirstMark Communications and has held senior roles including a board position at Estée Lauder. Alongside her late husband, Sir Evelyn de Rothschild, she co-founded EL Rothschild, a family office with interests including private equity, public markets and real estate.
Smith, on the other hand, brings deep experience in financial services and investments. He founded First National Financial Corporation in 1988, built it into one of Canada’s largest non-bank mortgage lenders, and stepped down from its board in 2025. His extensive portfolio includes chairmanship roles at Peloton Capital Management, an advisory firm for Glass, Lewis & Co, and Fairstone Bank of Canada, a major consumer lending institution.
Beyond business, Smith is also known for his philanthropic work, 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 deal, noting that the closing remains subject to customary closing conditions. The company did not comment on the valuation but emphasized continuity in its strategic direction and governance structure.
The transaction comes at a time when leading media brands continue to attract high-net-worth investors seeking exposure to trusted global content platforms with diverse revenue streams, including subscriptions, events and professional research services.
For The Economist, the arrival of a new investor in the room represents stability rather than disruption. With its ownership model designed to prioritize long-term stewardship over short-term returns, the addition of Smith Financial is expected to strengthen the group’s financial strength while preserving the strategic principles that have defined it for more than 180 years.
