Canadian Billionaire Smith Acquires 26.9% Stake in The Economist Magazine

According to a related company announcement, Canadian billionaire Stephen Smith and his family holding company have reached an agreement to acquire a minority stake in the publisher of The Economist magazine. Representatives from both companies stated in an email that Smith and his firm, Smith Financial, have agreed to purchase 26.9% of The Economist Group from existing shareholders Lynn Forrest de Rothschild, her family, and family foundations. A spokesperson for Smith said, “This investment reflects Mr. Smith’s full support for The Economist’s long-standing tradition of rigorous editorial independence. The strategic direction and operations of The Economist will continue unaffected.”