Tanzanian tycoon, Rustam Azizi, who is set to acquire a majority stake in the Nation Media Group
The share price of Nation Media Group (NMG) surged by 28 per cent on Wednesday at the Nairobi Securities Exchange (NSE) following news that the media giant’s long-time majority shareholder will exit after more than six decades.

The rally came after the Aga Khan Fund for Economic Development (AKFED) announced it had agreed to sell its entire stake in NPRT Holdings Africa Limited to Taarifa Limited, a company owned by Tanzanian tycoon Rustam Azizi.

The NMG’s share price climbed to Sh16.90 on Wednesday, recovering from years of fluctuations tied to declining earnings and industry headwinds. The stock had dropped to a low of Sh14.30 last year, reflecting investor concerns about the company’s financial performance.

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The transaction marks the end of AKFED’s 66-year ownership of the region’s largest independent media house. The relationship dates back to 1959, when the late Aga Khan IV—who passed away last year and was succeeded by his son Prince Rahim Al-Hussaini.

Although the parties did not disclose the transaction value, the shares being sold represent 54.08 per cent of NMG’s total shareholding, estimated at Sh1.3 billion based on recent market prices.

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Completion of the deal is subject to regulatory approvals, with the parties indicating the transaction is expected to be finalized within three to four weeks.

Despite Wednesday’s strong share price rebound, NMG has faced significant financial pressure in recent years as the media industry shifts toward digital platforms.

The company reported a net loss of Sh254.4 million in 2024, extending a period of weak profitability. Its revenues declined by 12.5 per cent to Sh6.2 billion, largely due to shrinking print circulation and subdued advertising spending.

The contrast with the group’s peak years is stark. In 2013, NMG shares traded above Sh339, while profits reached a record Sh2.53 billion, before the structural decline in print media began to weigh heavily on earnings.

Last year, the Capital Markets Authority (CMA) exempted NPRT Holdings from making a mandatory takeover offer to minority shareholders.

These minority investors include Alpine Investments (12.3 per cent), Standard Chartered Nominees (1.47 per cent), KCB Nominees (1.46 per cent), and Kenya Re (0.62 per cent), among others.

Market analysts say the share price rally reflects investor optimism that new ownership could inject fresh capital and strategic direction into the media house as it navigates the transition to digital publishing.

The entry of  Azizi—a businessman with investments in various sectors across East Africa—could potentially reshape NMG’s growth strategy at a time when regional media firms are under pressure to reinvent their business models.