Uganda’s media landscape has entered a new phase of consolidation following the completion of Next Media’s acquisition of 100% of Capital Radio 2015 Limited, bringing some of the country’s most influential radio brands under one corporate umbrella.
The acquisition hands Next Media ownership of Capital FM 91.3, Beat FM and KIIS 100.9 FM, ending weeks of speculation after the companies initially described the arrangement as a “strategic collaboration.”
According to information published by CEO East Africa Magazine, Next Media Services Limited acquired 1,417 shares, representing 70.01% of Capital Radio, while Next Media founder Kin Kariisa personally acquired the remaining 607 shares, equivalent to 29.99%.
Although the financial terms remain undisclosed, the transaction gives Kariisa effective control of one of Uganda’s most valuable private radio businesses.
The phased nature of the acquisition is equally significant. When the two companies announced a “strategic collaboration” on June 23, they emphasised shared content, cross-platform engagement and joint experiences while maintaining editorial independence.
However, the collaboration was in reality the public-facing phase of a broader acquisition process that concluded in mid-July after regulatory and corporate procedures were completed.
The approach allowed both organisations to minimise market disruption while ensuring continuity for employees, advertisers and listeners during the ownership transition.
The transaction represents far more than the purchase of three radio frequencies. It strengthens Next Media’s ambition of becoming Uganda’s dominant multimedia company.
Already operating NBS Television, Sanyuka TV, NBS Sport, Next Radio, Nile Post, AfroMobile and a growing portfolio of digital, production and events businesses, the company can now offer advertisers one of the country’s most comprehensive multimedia platforms spanning television, radio, digital publishing, streaming, podcasts, live events and branded content.
Capital Radio was an especially attractive acquisition because of its premium audience. Over three decades, Capital FM has built a loyal following among urban professionals, executives, policymakers and affluent consumers, making it one of Uganda’s most sought-after advertising platforms.
Beat FM broadens that reach through its strong Luganda-speaking audience, while KIIS 100.9 FM appeals to younger, lifestyle-oriented listeners. Together, the three stations give Next Media access to multiple audience segments that advertisers increasingly seek within a single campaign.
The acquisition comes at a time when the economics of broadcasting are changing rapidly. Radio remains Uganda’s most accessible medium because internet access and smartphone ownership are still uneven, but advertising revenue is becoming increasingly fragmented as brands invest more heavily in YouTube, TikTok, Facebook, Instagram and other digital platforms.
Rather than purchasing standalone radio or television advertising, many companies now demand integrated campaigns combining broadcast, digital, social media, video and experiential marketing.
This changing market explains why media consolidation is accelerating globally and increasingly across Africa. Scale enables media companies to spread production costs, repurpose content across multiple platforms and sell larger advertising packages.
A single interview, for example, can now be broadcast on radio, televised, published online, converted into a podcast, clipped for social media and incorporated into branded commercial content, maximising both audience reach and revenue opportunities.
The acquisition also marks the end of an important chapter in Uganda’s broadcasting history. Capital Radio’s former shareholders—veteran journalist William Pike, media investor Patrick Quarcoo and businessman Hannington Karuhanga—have overseen one of Uganda’s most respected radio brands for decades.
Ironically, the sale comes less than three years after Capital Radio itself expanded by acquiring Hot100 FM, a move that had appeared to position the company as a consolidator within Uganda’s radio market. Instead, it has now become part of an even larger multimedia group.
For advertisers, the acquisition significantly strengthens Next Media’s bargaining position. The company can now package television, multiple radio stations, digital publishing, streaming, events and social media into integrated campaigns, offering businesses greater audience reach through a single media partner.
This convenience could attract a larger share of corporate advertising budgets while increasing competitive pressure on rival media organisations such as Vision Group, Nation Media Uganda and other independent broadcasters.
However, integration presents its own challenges. Capital FM’s commercial value lies not only in its frequency but also in its editorial credibility, distinct programming style and loyal audience. Beat FM and KIIS have similarly developed unique identities over many years.
If these brands become overly homogenised within a larger corporate structure, Next Media risks weakening the very qualities that made them valuable acquisitions. Preserving their individual personalities while extracting operational and commercial efficiencies will be critical to the success of the merger.
For audiences, the deal could lead to greater investment in technology, programming and digital innovation. Yet it also raises legitimate questions about media plurality and editorial diversity.
As ownership becomes concentrated among fewer players, regulators and industry observers will inevitably watch whether consolidation reduces the diversity of voices available in Uganda’s media landscape.
Financial sustainability is increasingly important, but so too is preserving editorial independence and healthy competition.
Ultimately, Next Media’s acquisition of Capital Radio is more than a corporate transaction. It reflects the broader transformation of Uganda’s media industry, where scale, technology and multimedia integration are becoming essential for survival.
It also signals that the era of standalone broadcasters may be giving way to integrated media groups capable of serving audiences across every major platform.
If that trend continues, this acquisition may be remembered not simply as the purchase of Capital Radio, but as the moment Uganda’s media industry entered a new phase of strategic consolidation.