Tanzanian billionaire Rostam Azizi has acquired a 54.08 percent stake in Nation Media Group, taking over from the Aga Khan Fund for Economic Development. The deal marks the end of AKFED's 66-year association with the company. Azizi has pledged to maintain editorial independence and invest in digital transformation.
Nation Media Group (NMG) is entering a new era of ownership after Tanzanian businessman Rostam Azizi acquired the 54.08 percent controlling stake. Azizi, a former politician, executed the deal through one of his companies, which agreed to purchase 100 percent of NPRT Holdings Africa Limited. NPRT held AKFED's stake, comprising 92,618,177 ordinary shares in NMG.
Financial details of the transaction have not been disclosed, but it positions Azizi as the majority shareholder of the East African media giant. The sale ends a 66-year partnership with AKFED, which began in 1959 when Prince Karim Aga Khan IV established East African Newspapers (Nation Series) Ltd and acquired the Swahili weekly Taifa Leo.
Since then, NMG has grown into a multi-platform conglomerate operating more than 30 brands across East Africa, reaching over 62 million digital users according to latest figures. Azizi previously co-founded a communications company that launched influential Tanzanian publications later acquired by NMG, marking a return to the media sector for him.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” said Mr. Azizi. “NMG 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.”
The transaction is now subject to regulatory approvals, expected to be completed within three to four months.