The Aga Khan Fund for Economic Development (AKFED) is selling its 54.08% controlling stake in Nation Media Group (NMG), East Africa’s largest media conglomerate, to a company called Taarifa Ltd., owned by Rostam Azizi, a Tanzanian businessman.
The move brings to a close one of the longest-running institutional partnerships in African media history. The stake, comprising 92,618,177 ordinary shares, marks the conclusion of AKFED’s 66-year association with NMG, which began in 1959 when His Highness Prince Karim Aga Khan IV founded East African Newspapers and acquired the Swahili weekly Taifa Leo.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” said AKFED Director Sultan Allana.
He added, “We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades.”
In those 6 decades, NMG has grown into a media empire spanning more than 30 brands in four countries. The group operates The East African, NTV Kenya, Easy FM, and the Daily Monitor in Uganda, among other properties.
Amidst a major digital expansion, NMG now commands a digital audience of 62 million and employs over 1,000 staff across East Africa.
A decade ago, Aga Khan IV inaugurated a USD 20 million printing press, the largest media investment in the history of East and Central Africa at the time.
Aga Khan says it will maintain the Aga Khan University’s Graduate School of Media & Communications.
Rostam Azizi: The Media Mogul Taking Control of NMG’s Future
According to Forbes, Rostam Abdulrasul Azizi became the first Tanzanian dollar billionaire in 2013. His holdings are vast and diverse across different niches.
Azizi possesses a deep-rooted history in the media landscape, notably co-establishing Mwananchi Communications with Ambassador Ferdinand Ruhinda and collaborating with NMG in establishing the Mwananchi, The Citizen, and Mwanaspoti newspapers.
Following a 2005 split over editorial differences during the Tanzanian elections, NMG moved to take full ownership of the three publications as Azizi exited.
According to reports, he has also forced Nation Media to pull down stories and apologize in recent years. However, Azizi was quick to speak on independent journalism.
“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 organization,” said Rostam Azizi, owner of Taarifa Ltd.
The transaction is subject to regulatory approvals. No financial terms were disclosed in Tuesday’s announcement.
