/images/ppid_59c68470-image-175990252802550068.webp)
What is the story about?
British philanthropist Lynn Forester de Rothschild is looking to offload her family's entire stake in global media and information company The Economist, Axios reported on Tuesday (Oct 7), citing a source familiar with the transaction.
The Rothschilds hold a stake of 26.7% — which includes about 20% in voting shares — in the company founded in 1843, according to a filing.
The Economist also counts Italy's Agnelli family's financial arm Exor as a major shareholder, which holds a stake of around 43.4% in the company.
The stake sale, at the upper end, could value the entire Economist Group at roughly 800 million pounds ($1.07 billion), the report said, adding that the family's full stake could be valued at up to 400 million pounds.
Rothschild advisers have opened talks with potential buyers in the US and the UK, including family offices and strategic investors, the report said. The process is being led by Lazard, as Bloomberg News had previously reported.
Read more: Johnson & Johnson ordered to pay $966 million in talc cancer case after jury finds company liable
The sellers expect to complete the sale this year, as per Axios.
The Economist and the Rothschild family did not immediately respond to Reuters' requests for comment outside regular business hours.
The last major transaction involving The Economist was in 2015, when Britain's Pearson sold its 50% stake, ending its near-60-year ownership of the magazine.
In its annual earnings release, The Economist reported a 2% jump in revenue to 368.5 million pounds, with around 1.25 million subscribers. The group operates in 14 countries, including the United States, China, India and the United Arab Emirates, according to its website.
The Rothschilds hold a stake of 26.7% — which includes about 20% in voting shares — in the company founded in 1843, according to a filing.
The Economist also counts Italy's Agnelli family's financial arm Exor as a major shareholder, which holds a stake of around 43.4% in the company.
The stake sale, at the upper end, could value the entire Economist Group at roughly 800 million pounds ($1.07 billion), the report said, adding that the family's full stake could be valued at up to 400 million pounds.
Rothschild advisers have opened talks with potential buyers in the US and the UK, including family offices and strategic investors, the report said. The process is being led by Lazard, as Bloomberg News had previously reported.
Read more: Johnson & Johnson ordered to pay $966 million in talc cancer case after jury finds company liable
The sellers expect to complete the sale this year, as per Axios.
The Economist and the Rothschild family did not immediately respond to Reuters' requests for comment outside regular business hours.
The last major transaction involving The Economist was in 2015, when Britain's Pearson sold its 50% stake, ending its near-60-year ownership of the magazine.
In its annual earnings release, The Economist reported a 2% jump in revenue to 368.5 million pounds, with around 1.25 million subscribers. The group operates in 14 countries, including the United States, China, India and the United Arab Emirates, according to its website.
Do you find this article useful?
/images/ppid_59c68470-image-175990255977718819.webp)
/images/ppid_a911dc6a-image-175977623253873058.webp)
/images/ppid_59c68470-image-175984755182168514.webp)
/images/ppid_59c68470-image-175985503141537760.webp)
