East Africa’s largest Media Company, Nation Media Group on Wednesday announced it will take a majority stake in the region’s leading events and ticketing website, Kenya Buzz for undisclosed amount.
In a statement, the Nairobi Securities Exchange listed Media house noted, “The move is one in several steps planned in the short term to medium to broaden the Group’s content focus beyond news and to ensure a strong and diversified menu for lifestyle and entertainment audiences”
The investment will give Kenya Buzz the resources needed to scale up as it seeks to leverage on NMG’s technology, product and brand name to expand the portal outside Kenya and Uganda.
“The acquisition is another critical move forward as Nation Media Group expands its revenue base by exploiting new digital opportunities including online advertising, promotions and event ticketing.” said NMG.
Nation Media Group’s Director for Corporate and regulatory affairs, Clifford Machoka told The Kenyan Wall Street that finer details are still being worked on and more information will likely be made public in the company’s upcoming investor briefing in early March.
Kenya Buzz was set up in 2009 by Heidi (Alix) Grubel and Marta Gloserova and has grown to be Kenya’s premier portal for events and lifestyle information all these being channeled through its website, an android application and a free monthly magazine distributed across Kenya.
