Nation Media Group(NMG) has been acquired by Rostam Azizi, a Tanzanian tycoon, in a transaction that will see Aga Khan Fund for Economic Development S.A(AKFED) sell its entire 100% shareholding in the media house to Taarifa Limited. Azizi has vast interests across multiple sectors, including the media industry.
While the value of the deal that involves Aziz buying 54.04% stake owned by AKFED in Nation Media Group, has yet to be disclosed, this is East Africa’s biggest media move in decades. And Aziz has just become the most influential man in the region overnight.
Nation Media Group, which publishes the Daily Nation, Sunday Nation, The EastAfrican, Daily Monitor(Uganda), Mwananchi and The Citizen in Tanzania, has also ended is 66-year old partnership with AFFED, which will exit its long standing investment in East Africa’s largest media outlet.
Nation Media Group also operates broadcast media, including NTV and Nation FM as well as several digital platforms.
NPRT Holdings Africa Limited currently holds a 54.04% controlling stake in Nation Media Group, equivalent to 92,618,177 shares listed at the Nairobi Securities Exchange(NSE).
AKFED’s association with Nation Media Group began in 1959 when the Aga Khan IV established East African Newspapers and acquired the Swahili newspaper, Taifa Leo.
Under the new ownership, Taarifa Limited has indicated that it will support Nation Media’s digital transformation and long term growth, while maintaining the Group’s editorial independence and tradition of public-interest journalism.
This transaction marks one of the most significant ownership changes in East Africa’s media landscape in decades.
A new controlling shareholder at Nation could potentially accelerate digital monetarisation strategies, platform expansion and operational restructuring as the global media industry rapidly shifts toward digital consumption.
Investors will most likely watch out for possible restructuring or capital injection; digital platform expansion and subscription models; or changes in corporate governance and management strategy.
NMG was founded on the conviction that a free, independent press is indispensable to a democratic society.
What began as a modest Swahili-language newspaper called Taifa Leo-purchased to create a genuinely independent press and give voice to the African majority during the British colonial era-has since grown over more than six decades into a multi-million media conglomerate of over 30 brands, spanning 4 countries, reaching 62 million digital users and employing more than 1,000 professionals across the East Africa region.
Nation Media Group History
The first issue of the Daily Nation was published on March 20th 1960.When Kenya got its independence from British rule in December 1963, Nation Media was already established as a credible and trusted source of news and analysis. Nation Media was among the first media firms in Africa to list on a securities exchange, with shares trading at the NSE since 1973.
Throughout its history, NMG has demonstrated its unwavering commitment to editorial independence. It has maintained responsible reporting even during the challenging political and regulatory periods. Nation Media has played a pivotal role in Kenya’s democratic development, including its coverage of the multi-party transition in the 1990s and its contribution to public education during the 2010 Constitution referendum.
AKFED built one of the region’s most influential media brands, which has since served as a cornerstone of society, providing a platform for voices that might have otherwise gone unheard.
“AKFED is proud of its contribution in building one of Africa’s most respected media institutions, “said AKFED Director Sultan Allana. “We are confident that Nation Media Group will continue to uphold values of independent journalism and service to the public that have defined it for over six decades.
Taarifa Limited is owned by Rostam Azizi, a Tanzanian businessman with vast interests in mining, telecommunications, agriculture, real estate, port facilities, energy, construction and media.
With significant experience in East African media landscape, Azizi was co-founder and shareholder of Mwananchi Communications Limited from 2000 to 2006, where he initiated the establishment of Mwananchi, The Citizen and Mwanaspoti newspapers, which were subsequently acquired by Nation Media Group.
He currently holds interests in Habari Corporation, a leading media house in Tanzania.
“We are honoured and deeply committed to becoming a majority shareholder of Nation Media Group, which 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 organization,” said Azizi.
The acquisition of NMG shares from AKFED is expected to be complete within 3-4 months, subject to satisfaction of all regulatory conditions.
Taarifa Limited has confirmed that it does not currently contemplate a mandatory or voluntary offer for the remaining NMG shares or delisting from any securities exchange, in Kenya as well as cross-listed bourses in Dar es Salaam, Uganda Securities Exchange and Rwanda Stock Exchange.
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