Canadian Billionaire Stephen Smith Buys 27% Stake In The Economist [Yahoo! Finance]
News Corporation - Class B (NWS)
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Source: Yahoo! Finance
Topline Another billionaire is taking a stake in a major media outlet as Canadian mortgage tycoon Stephen Smith's holding company acquired part of The Economist, marking the publication's first ownership change in more than a decade. CHINA - 2023/05/22: In this photo illustration, the Economist app logo is displayed in the App Store on an iPhone. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Key Facts Smith's family holding company, Smith Financial , will acquire a 26.9% stake in The Economist Group. The stake is being purchased from Lynn Forester de Rothschild. In October, the Rothschild family hired Lazard financial advisory to sell its holding in the company, including shares representing about 20% of the group's voting rights. Other shareholders in The Economist include Sainsburys, Cadburys and Schroders, as well as Italy's billionaire Agenelli family and some Economist staffers. The late
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