Billionaire buys 27% of the Economist
A 27% stake in The Economist has changed hands
Canadian billionaire Stephen Smith has bought a 26.9% stake in UK news and current affairs journal the Economist from the Rothschild family, a tranche reportedly worth A$755 million.
Smith is co-founder and chairman of Peloton Capital Management, and co-owner of proxy advisor Glass Lewis. Forbes estimates his net worth at A$9.85b. He bought the 26.7% stake in The Economist Group (TEG) — which includes 20% of voting shares — from Lynn Forester de Rothschild and her family foundation, who had held the shares since 2002.
Under The Economist’s ownership rules, no single shareholder can control more than 20% of the voting rights, despite the size of its financial stake.
