This archive report was first published on 1 July 2019.
On July 1, 2019, Tiso Blackstar Group, the majority shareholder of Radio Africa, announced the sale of its entire business to Lebashe Investment Group.
The sale is aimed at enabling Tiso Blackstar to pay off its debt, which has been a significant challenge for the company in recent years.
Tiso Blackstar acquired a 49% stake in Radio Africa Group in 2014 for KSh1.6 billion, making it the majority shareholder in the company that operates KISS FM, Classic FM, Radio Jambo, The Star Newspaper, and KISS TV.
Other shareholders in Radio Africa include Kiprono Kittony, Dr. Evans Kidero, Sudhir Vidyarthi, and the company founders – Patrick Quarcoo and William Pike.
According to Tiso Blackstar's CEO, the sale is 'a perfect opportunity for a new owner to take the company to greater heights.'
The acquisition by Lebashe Investment Group is expected to be finalized before the end of 2019, and may lead to changes at Radio Africa following the shift in ownership.
