Nation Media Group selling leading media house
Decision reached after the company ran into fresh challenges
Group Chairman Dr Wilfred Kiboro informed shareholders during the 55th annual general meeting (AGM) on Friday that the company would sell 51% stake in Mwananchi Communications Limited to a Tanzanian outfit.
Mwananchi Communications Limited publishes Tanzania’s leading dailies including The Citizen, Mwananchi, The East African and Mwanaspoti.
Kiboro cited the enactment of the Media Services Act that limits foreign ownership in a print media in Tanzania at 49 per cent, admitting that it “posed a challenge to the group”.
“We continue to operate in an unpredictable and challenging regulatory environment across the region,”Kiboro said.
Locally, the media group has also faced challenges that have led to loss of advertising revenue and viewership.
On January 30 the government shut down transmission systems with NTV and KTN News being off-air until February 5 when they were restored.
The media group has also come under stiff competition from rival media outlets such as The Standard, KTN and Citizen TV.
Citizen TV owned by Royal Media Services recently raided NTV newsroom and poached key media personalities such as Nimrod Taabu, Jamila Mohamed among others with Larry Madowo ditching NTV for BBC.
In its Print media, a mass resignation of its experienced columnists who claimed that there was lack of editorial independence
Those who resigned include George Kegoro, Muthoni Wanyeki, Gabriel Dolan, and Rasna Warah Maina Kiai, Gabrielle Lynch, Nic Cheeseman, and Kwamchetsi Makokha.
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