The Globe and Mail reports in its Wednesday edition that First National Financial co-founder Stephen Smith plans to acquire a 26.7-per-cent interest in the Economist Group from Lynn Forester de Rothschild and her foundation through his family holding company Smith Financial. The Globe's Andrew Willis and Elissa Mendes write that The Economist has 1.25 million subscribers and has successfully evolved from a weekly magazine to a digital platform. About 70 per cent of subscribers read the publication on-line. "This investment reflects Mr. Smith's full support for The Economist's long-standing tradition of rigorous editorial independence and will see The Economist's strategy and operations continue unaffected," said Smith Financial's Justin Brenner. Smith Financial declined to comment on the value of the purchase. The transaction still needs approval from The Economist's board of trustees. Ms. Forester de Rothschild put the holding up for sale in October, three years after the death of her husband, who served as chair of The Economist from 1972 to 1989. At the time, media analysts estimated the stake would fetch between $360-million and $730-million. Two unnamed sources say Mr. Smith's purchase is within that range.