The Aga Khan Fund for Economic Development has announced plans to sell its controlling stake in Nation Media Group, bringing to an end a 66-year partnership that shaped one of East Africa’s largest media houses.

In a statement issued Tuesday in Geneva, AKFED said it had entered into an agreement to sell its 100 percent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd. NPRT Holdings controls a 54.08 percent stake in Nation Media Group, equivalent to 92,618,177 ordinary shares.

The transaction ends AKFED’s association with the media group that began in 1959 when Prince Karim Aga Khan IVfounded East African Newspapers and acquired the Kiswahili publication Taifa Leo. The group later launched the Daily Nation and Sunday Nation in 1960.

Over the decades, Nation Media Group grew into a regional media conglomerate operating more than 30 brands across East Africa, including newspapers, television, radio and digital platforms, reaching an estimated 62 million online users.

AKFED Director Sultan Allana said the organisation was proud of its role in building one of Africa’s most respected media institutions.

“We are confident Nation Media Group will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades,” he said.

Nation Media Group was among the first African media companies to list on a stock exchange, joining the Nairobi Securities Exchange in 1973. It later expanded across the region through investments in outlets such as Daily Monitor in Uganda and Mwananchi Communications in Tanzania.

The buyer, Taarifa Ltd, is owned by Tanzanian businessman Rostam Azizi. Azizi has previously been involved in the East African media industry and was among the founders of Mwananchi Communications before it was acquired by Nation Media Group.

Azizi said Taarifa Ltd intends to support Nation Media Group’s next phase of growth, particularly its digital transformation.

“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,” he said.

AKFED said the transaction remains subject to regulatory approvals and is expected to be completed within three to four months.

Taarifa Ltd also indicated it does not currently plan to make a takeover offer for the remaining shares or delist the company. Nation Media Group will continue trading on the Nairobi Securities Exchange and its cross-listed markets while its board remains in place to oversee operations.

Despite the sale, the Aga Khan Development Network said it will continue supporting journalism training through the Graduate School of Media and Communications at Aga Khan University, which provides advanced media education and professional training for journalists across East Africa