Canadian Billionaire Stephen Smith Acquires Significant Stake in The Economist Magazine
The Economist Group Acquisition
Stephen Smith Financial Corp., the holding company of Canadian billionaire Stephen Smith, has reached an agreement to acquire a 26.9% minority stake in The Economist Group, the publisher of The Economist magazine.
The Economist Group will be selling the stake to Smith Financial Corp. from existing shareholders Lynn Forester de Rothschild, her family, and her family foundation. The transaction is subject to certain closing conditions and the price has not been disclosed.
The investment is expected to support The Economist Group's long-standing tradition of rigorous editorial independence. The Economist Group's strategy and operations are expected to continue unaffected following the acquisition.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
This move follows reports that Smith was looking to acquire the stake, as previously reported by Horizont.
Investor Takeaway
Investors should be aware of potential changes in The Economist Group's ownership structure.
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