Kin Kariisa’s Next Media acquires 100% of Uganda’s Capital Radio from Patrick Quarcoo, William Pike and Hannington Karuhanga

Businessman and one of Uganda’s leading media moguls, Kin Kariisa, through Next Media Services Limited and in his personal capacity, has acquired all 2,024 issued shares in Capital Radio 2015 Limited, completing one of the most significant transactions in Uganda’s recent broadcasting history, according to highly placed sources familiar with the deal who spoke to CEO East Africa Magazine.

Under the final ownership structure, Next Media Services acquired 1,417 shares, representing approximately 70.01% of Capital Radio, while Kariisa personally acquired 607 shares, equivalent to 29.99%.

The arrangement gives Kariisa direct personal ownership of nearly 30% of Capital Radio while controlling the remaining 70% through Next Media Services. The financial details and other commercial terms of the acquisition have not been disclosed.

Multiple sources familiar with the negotiations said the transaction was not simply a content-sharing or commercial partnership, as announced in June 2026, but rather a complete change in ownership and strategic control. Next Media has since taken over responsibility for Capital Radio’s long-term strategic direction, commercial operations, governance and banking mandates.

The acquisition confirms CEO East Africa Magazine’s June 25, 2026 report that Next Media had quietly taken control of the Capital FM business, despite the arrangement initially being presented publicly as a strategic collaboration.

From Strategic Collaboration to Full Acquisition

On June 23, 2026, Next Media and Capital FM Group publicly announced a “strategic collaboration”, saying the partnership would create greater value for audiences and advertisers through content sharing, cross-platform engagement and joint experiences.

The announcement stated that both organisations would maintain their independence, brand identities and editorial direction.

However, people familiar with the negotiations said the partnership language did not reflect the full extent of the transaction.

When CEO East Africa Magazine contacted Kariisa shortly after the June announcement and asked whether Next Media had acquired, or was in the process of acquiring, Capital FM Group, he did not confirm the takeover. Instead, he described the relationship as “a firm partnership for now.”

Sources now indicate that the June 23 announcement represented only the public phase of a wider acquisition process, with the transaction formally completed nearly a month later in mid-July 2026.

The phased approach allowed the parties to complete regulatory and corporate procedures while managing employees, advertisers, audiences and market concerns linked to transferring control of one of Uganda’s most recognised radio brands.

The period between the announcement and completion also enabled Capital Radio to maintain normal operations as Next Media prepared to integrate the business into its wider television, radio, digital, events and commercial-content ecosystem.

“The partnership announcement was only one part of the transaction,” one source with direct knowledge of the deal said, explaining that negotiations had always been aimed at a broader ownership and control arrangement.

CEO East Africa Magazine understands that the Capital Radio name, programming identity and market positioning are expected to remain unchanged in the short term, even as commercial operations and long-term strategy become increasingly aligned with Next Media.

Expanding Next Media’s Radio Footprint

Capital Radio is one of Uganda’s longest-established and most recognisable English-language radio brands.

Beyond the flagship station, the Capital FM Group has also operated Beat FM and KIIS 100.9 FM, creating a diversified radio portfolio targeting premium English-speaking audiences, younger urban listeners and Luganda-speaking audiences.

Over several decades, Capital Radio has built a strong reputation among urban professionals, corporate audiences, middle-class households and affluent consumers. Its programming, presenters and music positioning have made it attractive to major advertisers seeking access to valuable Kampala audiences.

Beat FM expands access to Luganda-speaking listeners, while KIIS strengthens the group’s appeal among younger, lifestyle-focused audiences.

For Next Media, the acquisition brings more than a single radio station. It adds established audio brands with loyal audiences, advertiser relationships, experienced talent and market positions that would require years and significant investment to build.

The deal gives Next Media a stronger presence in radio, an area where its existing assets have not had the same level of legacy recognition and advertiser confidence as its television and digital platforms.

Next Media already operates a broad multimedia network, including NBS Television, Sanyuka Television, NBS Sport, Next Radio, Nile Post, AfroMobile and several digital, production, events and commercial-content platforms.

With the addition of Capital Radio, Beat FM and KIIS, the company can now offer advertisers integrated campaigns combining television, radio, digital platforms, social media, streaming, events, podcasts and branded content.

The acquisition strengthens Next Media’s audio offering and allows it to reach different audience segments, including premium English-speaking listeners, younger urban consumers and mass-market Luganda audiences.

Content from the acquired radio brands can also be repurposed across Next Media’s wider ecosystem through television programmes, online articles, podcasts, social media videos, mobile streams, live events and sponsored content.