Canadian billionaire Stephen Smith buys 27% stake in the Economist

Weekly news magazine’s parent company makes third significant ownership shake-up in its 183-year history

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Canadian billionaire Stephen Smith has bought a stake in the parent company of the Economist, held by Lynn Forester de Rothschild, in only the third significant ownership structure shake-up in its 183-year history.

Smith and his family holding company, Smith Financial Corp, which owns financial businesses, including co-ownership of influential proxy advisory group Glass Lewis, has acquired a 26.9% stake in the Economist Group (TEG) for an undisclosed sum.