Nairobi / Dar es Salaam — A major ownership shift is underway at East Africa’s largest independent media house after Tanzanian businessman Rostam Aziz moved to acquire a controlling stake in Nation Media Group (NMG), a transaction that could reshape the region’s media landscape once regulatory approvals are secured.
The acquisition is being executed through Taarifa Ltd, a media investment company owned by Aziz. According to a public notice released Tuesday, the firm will acquire 100 percent of NPRT Holdings Africa Ltd, a holding company that owns 26,818,177 shares in Nation Media Group, representing 54.08 percent of the company’s issued share capital.
The shares are currently held indirectly by the Aga Khan Fund for Economic Development (AKFED), which has agreed to sell its stake after more than six decades of involvement with the media group.
End of a 66-Year Ownership Era
AKFED’s relationship with Nation Media Group dates back to 1959, when the development agency helped establish the company that would eventually grow into one of Africa’s most influential news organisations.
Over the years, NMG expanded into a regional media powerhouse, operating television, radio, print, and digital platforms across several countries, including Kenya, Uganda, Tanzania and Rwanda.
The sale marks the conclusion of AKFED’s 66-year association with the Nairobi-based publisher, signaling the beginning of a new era under private ownership.
Transaction Structure
Rather than directly purchasing shares in Nation Media Group, Taarifa Ltd will acquire the holding company (NPRT Holdings Africa Ltd) that owns the majority stake.
This structure allows the buyer to gain effective control of NMG once the deal is finalized.
Nation Media Group is listed on the Nairobi Securities Exchange and cross-listed on the Uganda Securities Exchange, Rwanda Stock Exchange, and the Dar es Salaam Stock Exchange, making it one of the most widely traded media companies in East Africa.
No Mandatory Takeover Bid Planned
Under takeover rules in many regional stock markets, investors who gain control of a listed company are typically required to make a mandatory offer to buy out minority shareholders.
However, Taarifa Ltd has stated that it does not intend to launch a takeover offer for the remaining publicly traded shares of NMG.
Instead, the company has applied for exemptions from regulators across the region, arguing that the transaction involves the purchase of a holding company rather than direct shares in Nation Media Group.
Approvals will be required from several regulatory bodies, including the **Capital Markets Authority in Kenya, the Capital Markets and Securities Authority of Tanzania, and the Capital Markets Authority, along with regional competition authorities.
Investment and Strategic Plans
Aziz said the investment is intended to strengthen Nation Media Group’s long-term growth strategy, particularly as the company navigates the rapid digital transformation of the media industry.
In a statement, Aziz described the company as a cornerstone of journalism in the region.
“Nation Media Group 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.”
NMG currently reaches tens of millions of readers, viewers, and digital users through its network of newspapers, television stations, radio channels, and online platforms across the region.
Debate Over Media Independence
Despite assurances from the incoming investor, the ownership change has sparked debate among journalists and media observers about editorial independence.
Larry Madowo, an international journalist and former employee of Nation Media Group, publicly raised concerns about the implications of the deal, pointing to Tanzania’s press-freedom record and Aziz’s close relationships with regional political leaders.
He noted that Aziz maintains strong ties with leaders such as William Ruto of Kenya and Samia Suluhu Hassan of Tanzania.
According to Madowo, such relationships could potentially create conflicts for a newsroom tasked with holding political and economic power to account.
One of East Africa’s Biggest Media Deals
The transaction represents one of the most significant ownership changes in East Africa’s media industry in decades.
If completed, it will transfer majority control of Nation Media Group to a private investor whose business interests span energy, telecommunications, mining, media, and logistics across East Africa.
The deal is expected to close within three to four months, pending regulatory approvals and the completion of transaction conditions.
