Africa-Press. The Aga Khan Fund for Economic Development has ended a six-decade era by selling its 54.08% stake in Kenya’s Nation Media Group—the largest independent media company in East Africa—to Tanzanian businessman Rostam Aziz.
The deal grants the Tanzanian billionaire full control of the group and opens the door to a new chapter in Kenyan and regional media, pending regulatory approvals expected in the coming months.
Meaning of the shift
According to a report by African tech news site TechCabal, the decision to sell reflects the Aga Khan’s recognition of the growing difficulty of sustaining traditional media models amid digital transformation, particularly with declining print advertising revenues and the increasing reliance on digital platforms.
Tanzanian outlet The Chanzo reported that Aziz pledged not to reduce the size of the group but rather to expand it, emphasizing that his strategy focuses on investing in digital content and strengthening regional presence.
In an analysis published by Kenyan journalist Moses Kemibaro on Medium, the deal was described as the result of “strategic miscalculations” made by the group over the past decade, particularly the massive investment in modern printing presses in 2015 instead of prioritizing digital transformation, which accelerated its decline amid global competition in the advertising market.
Challenges facing Nation Media
The group faced a series of challenges that weakened its leading position. The introduction of value-added tax in 2013 increased newspaper prices by about 20%, leading to a noticeable drop in circulation. Although management announced plans to transform the company into a “digital content company,” it continued to consider printing as “the core business,” creating a strategic gap between ambition and reality.
Global platforms such as Facebook and Google have also captured an increasing share of advertising revenue, weakening the ability of traditional newspapers in Kenya to compete. In addition, the continued dominance of an older generation of leadership slowed digital transformation decisions.
The group’s future under Aziz
The new owner stated that his strategy focuses on regional expansion and strengthening the group’s presence across East Africa, particularly in Tanzania, Uganda, and Rwanda. Significant investments are expected to be directed toward digital platforms, in line with global shifts in the media industry.
He also clarified that he does not plan to cut jobs or shut down newspapers but instead aims to restructure the group’s economic model to ensure long-term sustainability.
The deal between the Aga Khan and Rostam Aziz therefore represents more than a transfer of ownership—it signals the end of a traditional media model and the beginning of a new phase that could shape the future of independent media in East Africa. Aziz’s success will depend on his ability to reinvent the group digitally while preserving its strong journalistic legacy.
