Lady Rothschild sells her 27% stake in The Economist to a Canadian billionaire
Philanthropist Lady de Rothschild has agreed to sell her 27 per cent stake in The Economist to a Canadian billionaire.
The sale by Lynn Forester de Rothschild and her family to financial services tycoon Stephen Smith is reported to be worth as much as £400million. The Rothschilds have held their stake in the 183-year-old current affairs magazine since 2002.
Lady de Rothschild, 71, who made her fortune in the telecoms industry after founding US telecoms group FirstMark Communications in 1995, reportedly hired advisers at Lazard last year to explore a sale of the stake.
It is the biggest shake-up in the ownership of the weekly publication since education publisher Pearson sold most of its 50 per cent holding in 2015.
The magazine’s largest shareholder is the Agnelli family – the Italian car-making dynasty – via holding company Exor, which controls a 43 per cent stake.
Entrepreneur Smith is the co-founder of Canadian financial services giant First National Financial Corporation.
Lady Lynn Forester de Rothschild has agreed to sell her 27% stake in The Economist in a deal reported to be worth as much as £400m
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