Friday, March 29, 2024

Kenyatta family seeking to buy Nation Media Group

The Kenyatta family is apparently angling to buy out a majority stake in Kenya’s leading media house, Nation Media Group.

This is according to a report appearing in a local media blog, Business Today, which is owned by former Daily Nation Business Editor, Luke Mulunda. According to the report, the current majority shareholder His Highness the Aga Khan is looking to diversify his business ventures and might sell out his stake at Nation Media Group.

The Aga Khan stake

The Aga Khan owns a 44.7 per cent stake which is equivalent to about 84.1 million shares. “People familiar with the matter say the Kenyatta family is in talks with Aga Khan over the issue. His Highness the Aga Khan, who is also the spiritual leader of the Shia Imami Ismaili Muslims, is expected in Kenya early March in a visit that will be used to, among other things, crystallize talks with the Kenyatta family on the fate of Nation Media Group. Aga Khan in March 2015 visited State House and had talks with Uhuru on Kenya’s business environment, among others,” the news report says.

The decision by the Kenyatta family to buy NMG could shake up the local media set-up. Already, the Kenyatta family owns Mediamax, a media house that runs among others television station K24, The People Daily, and Kameme TV.

Kenyatta family seeking to buy Nation Media Group

President Uhuru Kenyatta.

According to the report above, the Kenyatta family is ready to offload a significant stake in MediaMax, and only remain with Kameme radio and TV, among a select of other radio stations. “In Mediamax, the Kenyatta Family will be left with Kameme TV and the radio stations, which could combine well with the Nation newspapers and TV to have an all-platform media house. The stakes in K24 TV and People Daily are reportedly being snapped up by Deputy President William Ruto, who has been a silent shareholder in the operation and is keen on expanding his footprint in media,” the report further said.

Kenyatta family to buy NMG decision to shake up industry

According to the report above, the Kenyatta family is ready to offload a significant stake in MediaMax, and only remain with Kameme radio and TV, among a select of other radio stations. “In Mediamax, the Kenyatta Family will be left with Kameme TV and the radio stations, which could combine well with the Nation newspapers and TV to have an all-platform media house. The stakes in K24 TV and People Daily are reportedly being snapped up by Deputy President William Uhuru, who has been a silent shareholder in the operation and is keen on expanding his footprint in media,” the report further said.

However, Bizna Kenya could not independently verify the decision by the Kenyatta family to buy NMG.

The media group is the leading media house in East and Central Africa. The decision by the Kenyatta family to buy NMG will not be the first, as the family of Kenya’s first president has been spreading its business tentacles into numerous local sectors.

“It is not clear whether the Kenyatta family is angling for the Kenyan business alone (which has Daily Nation, Business Daily, Taifa Leo, The East Africa and NTV) or together with its regional subsidiaries. In Uganda NMG owns NTV Uganda and The Monitor newspaper, while in Tanzania it has Mwananchi and Citizen newspapers,” the report said.

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