Canadian entrepreneur Stephen Smith, co-founder of mortgage lender First National Financial Corp., has agreed to acquire a 26.7-per-cent stake in The Economist Group from Lynn Forester de Rothschild and her foundation through his family holding company, Smith Financial. Smith Financial declined to disclose the transaction value. The deal remains subject to approval by The Economist's board of trustees.

The Economist, founded in 1843, has 1.25 million subscribers and 1,540 staff across 26 countries. Approximately 70 per cent of its subscribers access the publication digitally. In its half-year earnings report ending September 2025, the company reported revenue of £170 million (C$310 million), up four per cent year-over-year, and operating profit of £20.2 million (approximately C$37 million), a 23 per cent increase driven by strong digital advertising performance.

Mr. Smith will join existing shareholders including Italy's Agnelli family, which holds 43.4 per cent, and members of the Cadbury and Schroder families. The Economist's governance structure prevents any single shareholder from controlling more than 20 per cent of voting rights. Lazard Inc. and Freshfields LLP advised Ms. Forester de Rothschild, while Barclays and law firm Torys LLP advised Smith Financial.