Tanzanian businessman Rostam Azizi is set to acquire a controlling stake in Nation Media Group, the parent company of NTV Uganda, Daily Monitor,NTV Kenya, KFM and Spark TV.
This follows an agreement with the Aga Khan Fund for Economic Development, which has agreed to sell its entire 54.08% stake in the company.
According to a statement released on Tuesday, AKFED will sell its stake in NPRT Holdings Africa Limited to Taarifa Ltd.
The sale will end AKFED’s 66-year involvement with the media house, which began in 1959.
In a joint statement, AKFED and Taarifa Ltd said the deal is intended to support the company as the media industry continues to change.
“NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG’s digital growth,” the statement said.
The transaction is expected to be completed within three to four months, pending regulatory approvals.
The value of the deal has not been announced but it is believed to be the East Africa’s biggest media move in decades
Taarifa Ltd said it will not buy the remaining public shares or delist the company, meaning Nation Media Group will remain listed on the Nairobi Securities Exchange, Uganda Securities Exchange, Dar es Salaam Stock Exchange and Rwanda Stock Exchange.
Nation Media Group was founded by Aga Khan IV to promote a free and independent press in East Africa.
It started with the Kiswahili newspaper Taifa Leo and has since grown into one of the region’s largest media organizations.
