Tanzanian businessman Rostam Azizi has pledged to safeguard editorial independence at Nation Media Group after agreeing to acquire a controlling 54.08 percent stake in East Africa’s largest independent media organisation.
Speaking at a press briefing at Serena Hotel Nairobi in Nairobi, Kenya, Azizi said the future of journalism in East Africa depends on reducing media houses’ financial dependence on government advertising.
“The greatest threat to a free press in East Africa today is not just censorship; it is the balance sheet,” Azizi said. “For too long, major media houses have survived largely on government advertising. When the state is your biggest client, the state becomes your silent editor.”, he added.
Azizi’s investment firm Taarifa Ltd, a Mauritius-registered company, has agreed to acquire 100 percent of NPRT Holdings Africa Limited, which holds about 92.6 million shares in Nation Media Group, representing 54.08 percent of the company.
The shares are being sold by the Aga Khan Fund for Economic Development, ending more than six decades of ownership by the development agency, which has been a shareholder in the company since 1959.
Azizi said that despite becoming the majority shareholder, editorial decisions will remain independent.
“My role as an investor is to strengthen the organisation’s stability, not to interfere,” he said.
He stressed that the independence of the Nation is its greatest asset and undermining that would destroy the value of the investment itself.
He added that Taarifa Ltd does not intend to delist the company or buy out minority shareholders.
Nation Media Group will remain listed on several regional exchanges, including the Nairobi Securities Exchange, Uganda Securities Exchange, Dar es Salaam Stock Exchange and the Rwanda Stock Exchange.
Azizi described financial reliance on government advertising as a structural challenge facing many African media organisations.
“We have seen what happens when governments withhold advertising as a tool of control,” he said. “It weakens newsrooms, leads to layoffs and ultimately silences critical voices.”
To address the challenge, he said Nation Media Group would accelerate its transition to a digital-first revenue model aimed at reducing dependence on state advertising.
The strategy will include digital subscriptions and micro-payments for premium journalism, regional business-to-business advertising, and data analytics services.
“We move from a model of selling influence to one of selling value,” Azizi said.
Government advertising will still be accepted, he added, but it should not determine the financial survival of newsrooms.
The sale follows a strategic review of the investment portfolio of the Aga Khan Fund for Economic Development (AKFED), which concluded that the organisation should focus on its core sectors of financial services, industrials, infrastructure and hospitality.
The agency said the decision does not reflect a loss of confidence in Nation Media Group or the regional media market. The company remains the leading media and broadcasting group in East Africa, with operations in Kenya, Uganda, Tanzania and Rwanda.
AKFED said the proceeds from the transaction will be reinvested in economic development initiatives within its network.
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