Nation Media Group, East Africa’s largest independent media company, has been acquired by Tanzanian billionaire Rostam Azizi. NMG was previously held by the Aga Khan Fund for Economic Development (AKFED).
The deal will make Azizi the majority shareholder of the Nairobi-listed media organisation, marking one of the most significant media ownership transactions in the region in decades.
AKFED said on March 10 that it had agreed to sell its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company owned by Azizi. NPRT Holdings currently controls 54.08% of Nation Media Group, equal to 92,618,177 ordinary shares.
By purchasing the holding company, Azizi effectively gains control of Nation Media Group. Financial details of the transaction were not disclosed.
Based on Tuesday’s closing price of $0.10 (3.25 Kenyan shillings) per share on the Nairobi Securities Exchange, the stake held by NPRT Holdings would be worth roughly $9.5 million(23 billion shillings) on the market.
The transaction, subject to regulatory approvals, is expected to be completed within three to four months.
AKFED said the deal concludes its six-decade partnership with the media group, which began in 1959 when Karim Aga Khan IV founded East African Newspapers (Nation Series) Ltd and acquired the Kiswahili newspaper Taifa Leo.
What began as a modest weekly publication aimed at promoting an independent African voice during the colonial period grew into one of the largest media organisations in the region. Today, Nation Media Group operates more than 30 media brands across four countries, reaching over 62 million digital users and employing more than 1,000 professionals.
The first issue of Daily Nation was published on March 20, 1960, and by the time Kenya gained independence in 1963, the newspaper had already established itself as a leading source of news and analysis.
NMG later expanded its operations into broadcasting and regional media markets. Key milestones included its listing on the Nairobi Securities Exchange in 1973, the launch of NTV Kenya and Easy FM in 1999, and regional expansion through the acquisition of Daily Monitor and the establishment of Mwananchi Communications Limited in Tanzania.
The company was also among the first African media houses to establish a comprehensive online presence in 2006, positioning itself early for the digital transition in the media industry.
AKFED Director Sultan Allana said the organisation was proud of its role in building one of Africa’s most respected media institutions.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” Allana said. “We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades.”
The new majority shareholder, Rostam Azizi, said Taarifa Ltd plans to support NMG’s continued growth, particularly its digital transformation.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said. “NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
Azizi has previously been involved in the region’s media sector. He was a co-founder and shareholder of Mwananchi Communications Limited between 2000 and 2006, where he helped establish the Mwananchi, The Citizen, and Mwanaspoti newspapers before they were later acquired by Nation Media Group.
AKFED said that despite the ownership transition, the Aga Khan Development Network will continue supporting media development through the Aga Khan University Graduate School of Media and Communications, which trains journalists and media professionals across East Africa.
The buyer has also confirmed that it does not currently plan to delist Nation Media Group from the Nairobi Securities Exchange, and that the company’s shares will continue trading publicly while the existing board maintains oversight of operations.
