economy
Canadian billionaire Stephen Smith buys 27% stake in the Economist
Weekly news magazine’s parent company makes third significant ownership shake-up in its 183-year history
TL;DR
- Canadian billionaire Stephen Smith's Smith Financial Corp has purchased a 26.9% stake in The Economist Group (TEG).
- This is the third significant ownership shake-up in TEG's 183-year history.
- The stake was acquired from Lynn Forester de Rothschild, her family, and her family foundation.
- TEG is the parent company of The Economist news magazine, 1843 Magazine, and a business intelligence unit.
- Smith also chairs Historica Canada and is an honorary governor of the Royal Ontario Museum, as well as chair of Glass Lewis.
- Exor is the largest single shareholder in TEG with a 43.4% stake.
- Under TEG's rules, no single shareholder can control more than 20% of the voting rights.