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The Economist is set to see the 26.7 percent share of the media company that is currently owned by the Rothschild family go up for sale, according to a report on Axios. That includes about 20 percent of The Economist’s voting shares, the cap for any single owner in the business. Philanthropist and investor Lynn Forester de Rothschild had allegedly planned only to sell a 20 percent stake in the company before deciding to put the family’s entire share on the auction block. Exor, the holding group of Italy’s Agnelli family, currently has about a 34.4 percent share of the company, with The Economist Group holding 29.9 percent. The Axios report says that advisers for the Rothschild family are already having conversations with potential buyers in the US and UK, with a major concern being that the publication maintain its editorial independence. North America accounts for the largest share (40 percent) of The Economist’s 1.25 million subscribers, followed by greater Europe (21 percent), the UK (20 percent) and Asia (14 percent). The company’s latest earnings report showed annual revenue of $495 million, with a profit margin of about 17 percent.
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| Damian Garde |
STAT, a digital media company that focuses on journalism about the life sciences, brings back Damian Garde, who anchored its biotech newsletter and podcast from 2016 to 2024. Garde returns to STAT from Bloomberg News, where he was a pharma reporter. He will assume a new role at STAT intended to strengthen its leadership in biopharma coverage and accelerate its live events franchise. As reporter at large, live and feature journalism, Garde will be tasked with conceiving, organizing and moderating STAT live events around the country; producing regular deep profiles and enterprise pieces about figures in biopharma, health and medicine; and augmenting the company’s biotech reporting. Garde was part of the STAT team that won a George Polk Award in 2022 for coverage of Biogen’s controversial Alzheimer’s drug, Aduhelm. “He's one of the most fluid and creative writers I have ever worked with, a natural on stage, and a brilliant student of biotechnology and drug discovery,” said STAT senior medicine writer and editorial director of events Matthew Herper.
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High Times officially resumes print publication (following its 2024 shutdown) with the release of a limited-edition, collectible 50th anniversary issue, helmed by new editor-in chief Javier Hasse. Hasse has served as head of content for financial news and analysis service Benzinga, as well as CEO and co-founder of Spanish-language news site El Planteo. The 50th anniversary issue features archival work from Charles Bukowski, Truman Capote, Andy Warhol and William Burroughs. In tandem with the issue, High Times announced the return of its Cannabis Cup, a cannabis competition using third-party judging and a “People’s Choice” format. Submissions open on Oct. 10, with New Yorkers across the state voting for top products in a wide range of categories.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
CBS News Radio will go off the air on May 22, part of the axe-swinging managerial plan put into play by CBS editor-in-chief Bari Weiss... The Economist, which was first published in 1843, is changing hands. Canadian billionaire Stephen Smith has agreed to acquire a 26.9 percent stake in the publication from Lady Lynn Forester de Rothschild, her family and family foundation... Nexstar Media Group says it has closed its acquisition of TEGNA, the broadcast, digital media and marketing services company that was formed in 2015, when the Gannett Company split into two publicly traded companies.
USA TODAY brings on Jamie Stockwell as VP of news, effective March 30. Stockwell was most recently deputy managing editor of news for the Washington Post... YouTube expands its likeness detection capabilities to a pilot group of government officials, journalists and political candidates... The AP Fund for Journalism adds 50 news organizations to its local news program, bringing the total number of participating newsrooms to 100. 
Versant Media Group, the NBCUniversal cable TV spin-off, today reported its first financial results as 2025 revenues dipped 5.3 percent to $6.7B and standalone EBITDA dropped 9.1 percent to $2.2B.
Trump Media & Technology Group is discussing a spin-off of the Truth Social platform following the expected closing of its $6B merger deal with TAE Technologies... Condé Nast sells off Them, the digital LGBTQ-focused platform it launched in 2017, to Equalpride, publisher of Out, The Advocate, Out Traveler, Health PLUS Wellness and Pride.com... CBS News has parted ways with longevity influencer Peter Attia, one of the 19 contributors that editor-in-chief Bari Weiss brought on as part of her plan to present a wider variety of voices on the platform. 
