Aga Khan’s exit hands East Africa’s largest news publisher to Tanzanian billionaire

The Aga Khan Fund for Economic Development (AKFED) has agreed to sell its controlling 54.08% stake in Nation Media Group (NMG) to Taarifa Ltd, owned by Tanzanian billionaire Rostam Azizi, ending a 66-year ownership of East Africa’s largest independent news publisher.

The stake, held through NPRT Holdings Africa, represents about 92.6 million shares in the Nairobi-listed company, which operates more than 30 media brands across four countries and reaches over 62 million digital users. 

AKFED owns NPRT Holdings Africa, an investment vehicle used to hold the fund’s media interests across Africa, Asia, and the Middle East. 

The companies did not disclose the value of the transaction.

The deal shifts control of one of East Africa’s most influential media groups at a time when publishers across the continent are racing to turn large online audiences into sustainable digital businesses.

“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,” AKFED director Sultan Allana said in the statement announcing the sale on Tuesday.

Nation Media Group built its reputation on flagship newspapers such as the Daily Nation, but like many global publishers, it has spent the past decade expanding digital platforms as print revenues weaken and readers move online. Its websites, mobile apps, and streaming services now reach tens of millions of users across Kenya, Uganda, Tanzania, and Rwanda.

The ownership change could influence how aggressively the company invests in those platforms. 

NMG reported revenue of KES 6.2 billion ($48 million) in 2024, down 12.5% year-on-year, and a pre-tax loss of KES 253.6 million ($2 million), even as digital revenue rose 11%.  

The transaction marks the end of a relationship that began in 1959 when the Aga Khan founded East African Newspapers, the company that later grew into Nation Media Group. The publisher expanded over decades into television, radio, and regional media operations.

Today, the group runs news, broadcast, and digital platforms including NTV, Nation Africa, and multiple regional publications. With more than 62 million digital users, NMG operates one of the largest news audiences in the region. 

Azizi, the incoming majority owner, has prior experience in the region’s media sector. He co-founded Mwananchi Communications in Tanzania, publisher of Mwananchi, The Citizen, and Mwanaspoti. Nation Media later acquired the company during its regional expansion in the early 2000s.

The new owner plans to support the company’s digital growth as part of the transition, according to the statement.