The Economist is an English-language weekly newspaper owned by The Economist Newspaper Ltd and edited in offices in London. Continuous publication began under founder James Wilson in September 1843. For historical reasons The Economist refers to itself as a newspaper, but each print edition appears on small glossy paper like a news magazine, and its YouTube channel is called EconomistMagazine. In 2006, its average weekly circulation was reported to be 1.5 million, about half of which were sold in the United States. The publication belongs to The Economist Group, half of which is owned by Pearson PLC via the Financial Times. A group of independent shareholders, including many members of the staff and the Rothschild banking family of England, owns the rest. A board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has a global emphasis and scope, about two-thirds of the 75 staff journalists are based in London. As of March 2013, the Economist Group declared operating profit of £68m. The Economist claims that it "is not a chronicle of economics".