Canadian Billionaire Stephen Smith Acquires Stake in The Economist Group

A Canadian mortgage billionaire has acquired a minority stake in the publisher of The Economist magazine. Stephen Smith, co-founder of First National Financial, has agreed to purchase a 26.9 per cent stake from Lynn Forester, Lady de Rothschild. The transaction marks a significant shift in the ownership of The Economist Group, which has not seen substantial changes since 2015.

The undisclosed sum reflects Smith’s commitment to the magazine’s mission of rigorous editorial independence. Forester de Rothschild aims to reshape her investment portfolio, which includes extensive interests in private and public companies.

The Economist Group, founded in 1843, has long championed free trade; its current ownership structure features significant stakes held by the Agnelli family through its Exor investment firm. Forester de Rothschild, a British-American financier, previously founded FirstMark Communications and has served on the board of Estée Lauder.

Stephen Smith, aged 74, has substantial holdings in leading Canadian financial services businesses. He stepped down from the board of First National Financial in October 2025 but continues to lead Peloton Capital Management and holds various roles in financial advisory companies.

A spokesman for Smith indicated that the investment underscores his dedication to The Economist’s editorial tradition. The Economist Group confirmed the agreement with Smith’s family holding company, subject to certain closing conditions, paving the way for an anticipated transformation in the magazine’s strategic direction.