Canadian billionaire Stephen Smith buys 27% stake in the Economist

The Economist refers to itself as a newspaper but it is printed in a magazine format. Photograph: Patti McConville/Alamy

The 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 a co-ownership of the influential proxy advisory group Glass Lewis, has acquired a 26.9% stake in the Economist Group (TEG) for an undisclosed sum.