The Economist is one of the rare examples of a good, editorially-driven media brand that is also profitable. At 1.6 million in circulation (print and digital) globally, £328 million in revenues and £60 million in operating profit in March 2015, it is in rude financial health.

But it is the 172-year-old brand's ownership structure that has stood the test of time that is really interesting. Exor, the Italian holding company that also owns Fiat Chrysler among other companies, has a 43.4 per cent stake in The Economist. The rest is owned by the Economist Group, comprising past and present employees and business families such as Cadbury, Schroder and Rothschild. There are trust shares which are held by trustees whose consent is needed for any sale or transfer of shares. ‘The appointments of the editor of The Economist and of the chairman of the company are subject to the approval of the trustees. The rights attached to the trust shares ensure the continued independence of the ownership of the company and the editorial independence of The Economist, says the firm’s website.