Canada Mortgage Billionaire Buys Stake in The Economist Magazine

Canadian mortgage billionaire Stephen Smith has agreed to buy a minority stake in The Economist Group, marking the first ownership shake-up in the storied British current affairs magazine in a decade.

Smith and his family holding company, Smith Financial Corp., will buy the entire 26.9% stake held by Lynn Forester de Rothschild, her family and her family foundation, representatives for the companies said in emailed statements.