Stephen Smith’s surprise media play sharpened focus on billionaire owners and editorial firewalls
Canadian mortgage billionaire Stephen Smith has agreed to acquire a 26.9% stake in the Economist Group from Lynn Forester de Rothschild and her family interests, in a rare shake-up of the 183‑year‑old publisher’s ownership.
The deal marks the first major change in the shareholder base since Pearson sold its long‑held position in 2015 to Exor, the Agnelli family holding company, and the group itself.
The transaction, struck through Smith’s family holding company Smith Financial Corp, remains subject to closing conditions and approval by the Economist Group’s independent trustees, who has been charged for decades with guarding the title’s editorial independence.
Under the group’s rules, no single shareholder could control more than 20% of the voting rights, a cap designed to curb undue influence even as economic stakes shifted.
“This investment reflects Mr Smith’s full support for the Economist’s long‑standing tradition of rigorous editorial independence and will see The Economist’s strategy and operations continue unaffected,” a spokesperson said.
“Mr Smith is a Canadian entrepreneur and investor with significant holdings in leading Canadian financial services businesses, alongside meaningful philanthropic commitments to education, history and the arts.”
Smith built his fortune in Canada’s mortgage market, co‑founding First National Financial and later assembling a portfolio that included Canada Guaranty Mortgage Insurance and Fairstone Bank of Canada through Smith Financial Corp.
He also chaired Historica Canada and held governance roles at major cultural institutions, underscoring the blend of financial and civic influence now entering the Economist’s shareholder register.
The Economist Group's flagship publication describes itself as a newspaper but has become a global subscription news brand spanning print, digital, podcasts and the Economist Intelligence Unit.
It reported revenue of £369 million and operating profit of about £48 million in the year to March 31, 2025. Subscriptions rose to 1.25 million, driven largely by digital growth.
For mortgage professionals, Smith’s move into media echoes a broader trend of financial tycoons buying influential news brands, from Exor’s expansion at the Economist to other billionaire-backed business titles, as outlets seek deep-pocketed, long‑term owners while defending editorial firewalls.
Canadian Mortgage Professional previously recognized Smith’s impact on the non‑bank mortgage sector through its Hall of Fame honours, highlighting how his reach now extends from broker‑driven lending platforms into one of the world’s most closely watched economic publications.
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