Canadian billionaire Stephen Smith has made headlines by acquiring a 26.9% stake in the Economist Group, which publishes the renowned weekly news magazine, The Economist. This investment, facilitated through his family holding company, Smith Financial Corp, represents only the third significant ownership change in the publication's 183-year history. Prior to this, the stake was held by Lynn Forester de Rothschild, highlighting the magnitude of this transition in ownership.

Smith's family business, Smith Financial Corp, has a diverse portfolio, including stakes in financial services and business intelligence sectors. The recent acquisition was executed for an undisclosed sum, but previous reports indicated that the family's share in the media group was valued at approximately $537 million last year. As a significant player now in TEG, which is not only the parent company of The Economist but also other related publications, Smith is poised to influence the direction of the brand further.

The Economist Group has shown solid financial performance, reporting revenues of £369 million and a profit of £48 million in the fiscal year ending March 2025, alongside a 3% increase in subscriber numbers to 1.25 million. Smith's investment may not only enhance the financial stability of TEG, but also enable strategic advancements as the publication adapts to the evolving media landscape.