A major change is underway in East Africa’s media sector after Tanzanian billionaire Rostam Azizi agreed to acquire a controlling stake in Nation Media Group (NMG), one of the region’s largest and most established media companies.

Azizi’s company, Taarifa Group, has agreed to purchase a 54 percent stake in the media conglomerate from the Aga Khan Fund for Economic Development.

The deal, which still requires regulatory approval, would transfer majority ownership of the company to the Tanzanian businessman.

Nation Media Group operates leading media outlets across East Africa, including newspapers and broadcast platforms in Kenya, Tanzania and Uganda.

Azizi said he plans to invest in the company and reposition it for the digital era, with a focus on attracting younger audiences in a region where the population is rapidly growing and the median age is under 20.

“It needs a bit of a shake-up,” Azizi is quoted as saying and, adding that the goal is to transform the organization so it can better serve new generations of readers and viewers.

The businessman, whose interests span sectors including energy, mining, telecommunications and real estate, said the group would focus on expanding its digital presence while maintaining strong regional coverage.

Azizi also said the media company could play an important role in promoting economic development and investment across East Africa.

The sale follows a strategic decision by the Aga Khan Fund for Economic Development to divest from the media company as part of a broader realignment of its investment portfolio.

If approved by regulators, the transaction would mark one of the most significant ownership changes in East African media in recent years.