Rostam Azizi, a prominent businessman from Tanzania, has purchased the majority stake in Nation Media Group (NMG), East Africa’s largest media company. The shares were bought from the Aga Khan Fund for Economic Development (AKFED), which previously owned more than 54% of the company through NPRT Holdings Africa Limited.
Azizi completed the acquisition through his company Taarifa Limited, transferring majority ownership of the publicly listed media group to him. Nation Media Group was founded in 1959 in Kenya and 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, along with radio stations and digital platforms.
Although the company was profitable for decades, it has faced financial difficulties in recent years due to the rapid shift to digital media. NMG reported a net loss of 203 million Kenyan shillings in 2023, which increased to 254 million shillings in 2024.
Azizi says he plans to invest in the company’s digital transformation to help restore profitability while maintaining its tradition of public-interest journalism. The deal is expected to be finalized within three to four months after regulatory approvals.
Azizi was ranked by Forbes as Tanzania’s first dollar billionaire in 2013, highlighting his influence in sectors such as telecommunications, energy, real estate, and mining.
Source: Newstimehub
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