The Economist revealed revenue and profit growth for the six months to September as potential buyers expressed interest in a 27% stake in the business.
The stake has been put up for sale by philanthropist Lynn Forester de Rothschild, whose husband, the financier Evelyn de Rothschild, chaired The Economist for 17 years until 1989. He died three years ago.
Reuters reported at least a dozen parties have shown preliminary interest in buying the stake, including ultra-wealthy individuals and media companies. The deadline for submitting an expression of interest is on Friday.
The last major transfer of ownership at The Economist came ten years ago when Pearson sold its 50% stake for £469m as it sold the Financial Times to Nikkei for £844m.
Italian investment fund Exor, owned by Fiat founders the Agnelli family, bought 27.8% of Pearson’s ordinary shares for £227.5m and all of its B special shares for £59.5m – taking the family to a 43.4% stake in total. The rest of Pearson’s shares were repurchased by The Economist Group for £182m.
The Rothschild stake currently up for grabs is made up of ordinary shares and A shares, according to The Times, which reported that the family is the only shareholder with more than 15% of each type and therefore the only investor that can propose two non-executive directors to The Economist’s board.
The Economist does not publish a full list of its current shareholders, who are reported to number at almost 1,000. No shareholder can have a controlling stake or more than 20% of voting rights.
The publication describes itself on its website as a “private company with a special ownership structure designed to preserve editorial independence”.
It says: “Its shareholders date back more than a century, and include great names in British business, such as the Sainsburys, Cadburys and Schroders. Other shareholders today include funds owned by the Agnelli and Rothschild families. Many staff of The Economist Group also own shares, which are privately traded twice a year.
“The company’s constitution does not permit any individual or group to gain a majority shareholding, and no shareholder can exercise more than 20% of voting rights. The editor is appointed by trustees, who are independent of commercial, political and proprietorial influences.”
The trustees include Baroness Bottomley of Nettlestone, who served as a minister for both Margaret Thatcher and John Major, Dame Alison Carnwath, a senior advisor at investment bank Evercore, Tim Clark, a former senior partner at law firm Slaughter and May, and Lord O’Donnell, former press secretary for John Major.
The Economist Group has published half-year results for the six months to 30 September, with revenue up 4% to £170.3m in the period (or up 7% at constant currency) and profit before tax up 28% to £19.7m.
It follows a record revenue year of £368.5m in the 12 months to 31 March 2025.
Basic earnings per share (profit attributable to equity holders divided by the weighted average number of ordinary shares for the year) was 74.8p in the half year, compared to 54.3p a year earlier.
The board has issued an interim dividend of 53p per share, one-third of last year’s annual dividend (excluding a one-off uplift reflecting the proceeds of the sale of healthcare research consultancy Clearstate).
Board chair Paul Deighton said in the publisher’s interim report it has “reasons to be optimistic – and grounds for caution… We believe that our strategy of investing for long-term growth is the right one – and that in a turbulent time our work is more valuable than ever.
“But we’re also alive to the impact of that uncertainty on our business, which is likely to continue into the second half.”
He said The Economist is focusing on new products, including a refreshed app and video offering Economist Insider, as well as looking at opportunities from AI, and brand marketing in the US and UK.
The Economist now has 1.255 million subscriptions, up 6% in a year. Growth was cited among both consumer and enterprise subscriptions.
Revenue at the core Economist business (including Economist Education) was up 7% to £116.5m but partnership solutions and events business Economist Impact and B2B insights provider Economist Intelligence were both down (by 3% and 2% respectively).
Economist Impact’s partnerships have seen “particularly sharp” headwinds due to “clients’ suppressed appetite for policy and branded content deals”, Deighton said. Twenty-one employees left in a restructure as a result.
Deighton continued: “Economist Intelligence also felt the chill of the market environment… As with all our B2B businesses, however, we are confident that the opportunity for long-term growth is strong.”
Deighton said the overall strategy “remains unchanged: to maintain sustainable, profitable growth so that we can keep providing high-quality insights through our editorial and information services”.
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