NMG New Owner Outlines His Vision For Business and Journalism

Tanzanian billionaire Rostam Azizi has promised to protect editorial independence at Nation Media Group (NMG) and grow the business further after acquiring Aga Khan Fund for Economic Development’s (AKFED) controlling stake in the regional media house.

AKFED sold its entire 54.08% interest in NMG, initially transferred to NPRT Holdings Africa Ltd, to Taarifa Ltd, which is owned by Rostam Azizi. This has given Taarifa Ltd majority ownership in NMG, arguably East Africa’s largest media house. “We are not going to compromise on the independence of our media company because of advertising,” Mr Azizi said, speaking after the announcement of the deal.

Mr Azizi described the deal, whose value has yet to be disclosed, as an investment in the future of journalism in Africa and a commitment to strengthening credible media institutions. He said his entry into NMG would deepen professionalism as he seeks to build a strong institution that serves public interest in telling the East African story. “You can see when I enter a company, I turn it around; I make it more successful.”

Over the past three years, Azizi has been involved in a number of successful companies including Vodacom Tanzania, and Tigo, which has rebranded to Yas.

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Mr Azizi allayed fears of job cuts, indicating that his target would be to reach out to younger audiences. Coming at a time when NMG is at a crossroads – balancing digital media and legacy journalism with falling revenues – the buyout offers both hope and uncertainty for employees.

Despite guarded assurance from the new owner, job cuts are almost assured especially when he begins to look at the business with a tooth comb to refine operations. At the other end, a new style of leadership could bring the much-needed turning point in a new era of media consumption and monetisation.

NMG has already started closing regional bureaus in Kenya in a move that will not only cut costs for it but also push out a number of employees. Financial performance continues to nosedive, with the net loss for the financial year ending December 2024 growing to Ksh254 million, up from Ksh205 million recorded in 2023. The 2025 performance isn’t expected to be any better.

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