Smith, the co-founder of First National who helped shape the Canadian mortgage financing industry, agreed to acquire a 26.9 per cent minority stake in media company The Economist Group, subject to closing conditions. European media news website Horizont first reported Smith’s interest. (The Logic, Horizont)

Talking point: The Economist Group did not say how much Smith will pay for the stake, which is worth about £300 million, according to the Financial Times. The deal valued the company, which includes the business publication, a data business and an educational arm, at around US$1 billion, The Wall Street Journal reported. Smith plans to leave the news organization’s strategy and operations unchanged, said Justin Brenner, senior vice president and managing director at the family holding company Smith Financial, adding that the investment shows “full support for The Economist’s long‑standing tradition of rigorous editorial independence.” The deal comes as another Canadian billionaire family, the Westons, are reportedly launching a media company called Be Giant.