NMG new majority owner Rostam Azizi pledges to uphold journalistic standards
Nation Media Group’s new majority owner, businessman Rostam Azizi, has pledged to uphold the journalistic standards and editorial traditions that have built the legacy of public trust for one of Africa’s biggest media houses since its founding 66 years ago.
The Tanzanian businessman, through his company Taarifa Ltd, is acquiring a controlling 54.08 percent stake in NMG from The Aga Khan Fund for Economic Development S.A. (AKFED). The transaction is expected to conclude within three to four months, subject to regulatory approvals.
AKFED holds the NMG stake through an investment vehicle known as NPRT Holdings Africa Limited, which will now be transferred to Taifa Group’s wholly-owned affiliate, Taarifa Ltd.
Mr Azizi in a media briefing on Wednesday highlighted NMG’s central role in growing the East African media sector in the past six decades under the stewardship of His Highness the Aga Khan IV and AKFED, adding that the new partnership will continue to support that legacy while positioning the company for future innovation and regional collaboration.
He affirmed that strong, independent and trusted media institutions play an essential role in East Africa’s continued integration and improvement of governance practices and professional standards.
“NMG has for decades played a central role in shaping public discourse across East Africa and strengthening the ties between the peoples of our region. Through this investment I’ll join the company as a shareholder and long-term strategic partner supporting its continued growth, innovation and transformation in the digital age,” said Mr Azizi.
“Through the stewardship of AKFED, Nation Media Group has grown into one of the most respected journalistic institutions on our continent. The values that have guided that stewardship, professionalism, independence and public service deserve recognition and respect.”
Mr Azizi added that the partnership marks an investment in the future of journalism in Africa, at a time when technology is reshaping how information is produced and consumed across the global media industry.
He noted that he will invest more in the business, while providing leadership and stability required to continue serving the public with professionalism and integrity.
“Through institutions such as NMG, we have the opportunity to ensure that the voices, experiences and aspirations of our region are told with professionalism, confidence and clarity,” said Mr Azizi.
Since its founding in 1959, NMG has transformed into a multi-platform media organisation with operations in four East African countries and over 30 brands, employing more than 1,000 professionals across the region.
Mr Azizi is a seasoned entrepreneur and economist with vast business interests across East Africa, including in the media sector.
The businessman was a co-founder and shareholder of Tanzanian company Mwananchi Communications Limited from 2000 to 2006, which established The Citizen, Mwananchi, and Mwanaspoti newspapers that were subsequently acquired by NMG in 2006.
He then acquired New Habari (2006) Limited and was a principal investor in Africa Media Group between 2005 and 2019, through which he held interests in Channel Ten, DTV, CTN, Classic FM, and Magic FM in Tanzania.
He currently holds interests in Habari Corporation Limited, a media house in Tanzania, alongside other investments across multiple sectors including mining, telecommunications, agriculture, real estate, port facilities, energy, and construction.
He was among the founder shareholders of Vodacom Tanzania in 1999, before exiting the investment in 2019. He then participated in a consortium that took over Tanzania’s third-largest mobile company Tigo, now known as Yas.
Mr Azizi’s investment in NMG therefore marks a continuation of a regional media relationship that was established more than 20 years ago.
For AKFED, the exit from NMG comes after a strategic review of its investment portfolio, which resulted in a decision to concentrate its resources on its core sectors of financial services, industrials, infrastructure, and hospitality. NMG is the organisation’s sole media investment globally.
AKFED in a statement said that the share sale reflects a deliberate strategic repositioning, but not a broader divestment from its investments East Africa.
His Highness the Aga Khan IV founded NMG with the vision of providing Kenya a free, independent press to help in promoting democratic governance at independence. It began as a modest Kiswahili-language newspaper called Taifa Leo intended to give a voice to the African majority in the penultimate years of the colonial rule.
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