The conclusion of the deal follows last Saturday's partnership agreement signed between NMG Chief Executive Officer Wilfred Kiboro and Ambassador Ferdinand Ruhinda and Mr Rostam Aziz of Mwananchi Communications Ltd (MCL).
The ceremony at the Royal Palm Hotel in Dar es Salaam, Tanzania, was attended by NMG Finance Director Dennis Aluanga, outgoing Finance Director Richard Henry, Company Secretary James Kinyua and Group Business Development and Internal Auditor Seleste Kilinda.
The deal gives the Nation Media Group shareholding in two Tanzanian newspapers and a radio station. MCL publishes Mwananchi and Mwanaspoti and also runs Radio Uhuru FM, which broadcasts in Dar es Salaam, Arusha and Mwanza.
Speaking at the signing ceremony, Mr Kiboro said: "Coming to Tanzania has been in line with our long term strategy to have a strong presence in East Africa. We are here to add value. As regional players, we are also making an investment in the region instead of leaving it to foreigners to come in. We are proud to have reached this far."
Mr Kiboro said Mwananchi Communications and Radio Uhuru had managed in their short history to become major players in the Tanzanian media scene, which made them attractive investments.
He said the Nation Group was committed to editorial independence and journalistic excellence, which its Tanzanian partners were keen to embrace. The company will continue to be managed and edited by Tanzanians.
The Mwananchi Group joins a regional stable which also runs The Monitor and Sunday Monitor in Uganda, Monitor FM-Kampala, Daily Nation, Sunday Nation, Taifa Leo, Taifa Jumapili, Coast Express and The Weekly Advertiser as well as the regional weekly, The EastAfrican.
The Group also includes 96.4 Nation FM, Nation Television, Nation Marketing and Publishing and Nation Carriers.
Mr Kiboro said the MCL Board would be strengthened to reflect its new, wider composition and would be chaired by a Tanzanian.
The NMG was founded by the Aga Khan and has become the largest independent media group in East Africa. It has been quoted on the Nairobi Stock Exchange since the early 1970s.
Mr Kiboro said it was the intention of the new partnership to launch an English daily in Tanzania and other newspaper titles and also consider investment in television.
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