By Rene Otinga, NAIROBI Kenya
Nation Media Group (NMG) is set to undergo a historic ownership transition after Tanzanian businessman and former politician Rostam Azizi acquired the 54.08 percent stake of the media company.
Effectively, Azizi becomes the majority shareholder of the media giant, taking over from a position previously held by the Aga Khan Fund for Economic Development (AKFED).
In what is one of East Africa’s largest media transactions in decades, the deal was executed through one of the companies owned by Azizi, which agreed to purchase 100 per cent of NPRT Holdings Africa Limited.
NPRT is the investment vehicle that held AKFED’s controlling stake in NMG, comprising 92,618,177 ordinary shares.
While the financial particulars of the deal have not been disclosed, the transaction solidified Azizi's position as the majority shareholder of the company.
The sale marked the end of an era, as AKFED concluded its 66-year association with NMG, a “marriage” that began in 1959.
At the time, Prince Karim Aga Khan IV established East African Newspapers (Nation Series) Ltd and acquired the Swahili weekly Taifa Leo.
Since then, Nation Media Group has grown into a powerful multi-platform media conglomerate which operates more than 30 brands across East Africa.
Latest stats seen by Kenyans.co.ke indicate the media giant reaches more than 62 million digital users.
Azizi previously co-founded a communications company, which launched influential Tanzanian publications later acquired by NMG. His new acquisition, therefore, represents a return to media.
Despite shake-ups that come with owner transitions, Azizi has vowed to maintain editorial independence while investing in digital transformation and expanding NMG's reach across the region. 
Mr. Rostam Azizi
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” said Mr. Azizi. “NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
Following the acquisition, the transaction is now subject to regulatory approvals which are expected to be completed within three to four months.
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