Rostam Azizi, a prominent businessman from Tanzania, has acquired a majority stake in Nation Media Group (NMG), East Africa’s largest media company.
The shares were purchased from the Aga Khan Fund for Economic Development (AKFED), which held just over 54% of NMG through NPRT Holdings Africa Limited. Azizi completed the acquisition through his company Taarifa Limited, effectively transferring majority ownership of the publicly listed media group.
Founded in 1959 in Kenya, Nation Media Group has long been associated with the Aga Khan family. The company operates several major media outlets across East Africa, including NTV Kenya, NTV Uganda, the Nation newspaper, Daily Monitor in Uganda, The Citizen in Tanzania, The East African weekly publication, and Business Daily in Kenya.
Although the media group was profitable for decades, it has faced financial challenges in recent years due to the shift toward digital media. The company reported a net loss of 203 million Kenyan shillings in 2023, which increased to 254 million shillings in 2024.
Azizi, who was recognized by Forbes as Tanzania’s first dollar billionaire in 2013, said he plans to invest in NMG’s digital transformation while maintaining its tradition of public-interest journalism.
The transaction is expected to be finalized within three to four months, pending regulatory approval. NMG is listed on stock exchanges in Kenya, Uganda, Tanzania and Rwanda and employed more than 1,100 people as of 2024.
Source: TRT Africa
