Kin Kariisa, Next Media move to complete acquisition of Capital FM, sister stations

Next Media Services and its chief executive Kin Kariisa are closing in on the full of Capital FM, one of Uganda’s oldest radios and its sister stations.

These have formally sought regulatory approval to take full ownership and control of the radio company.

The Uganda Communications Commission (UCC) said in a public notice dated September 14, 2026, that Capital FM (2015) Limited has applied for approval to transfer its broadcasting licences following the proposed change in ownership.

If approved, Next Media Services and Kariisa will acquire 100 per cent of the shares in Capital FM (2015) Limited and take direct control of the company.

The application brings the transaction before the communications regulator after months of speculation over the relationship between the two media groups.

Capital FM currently holds nine radio broadcasting licences for stations across Uganda, according to UCC.

The regulator listed its existing shareholders as Patrick Quarcoo and William Edward Cathcart, each with 37.6 per cent, Hannington Rubarenza Karuhanga with 12.5 per cent, Samuel Wanzunula Mangaali with 9.3 per cent and Albert Ayorinde Ajayi with 2.7 per cent.

Next Media Services, which holds six broadcasting licences, is almost wholly owned by Kariisa. UCC said Kariisa controls 99.9 per cent of the company while Next Media Group FZCO owns the remaining 0.1 per cent.

UCC said the proposed transaction would leave the shareholding structure of Next Media Services unchanged.

The development provides the clearest regulatory confirmation yet that what started publicly as a partnership between Next Media and Capital Radio Group developed into a full acquisition.

The two companies announced a “strategic collaboration” on June 23, saying they planned to share content, expand cross-platform engagement and create new opportunities for advertisers while maintaining their separate brands and editorial identities. 

At the time, Kariisa stopped short of confirming reports that Next Media was acquiring Capital Radio. He described the arrangement as “a firm partnership for now”. 

Subsequent reports said the transaction progressed into a full takeover in July. CEO East Africa reported that Next Media acquired about 70 per cent of Capital Radio while Kariisa personally acquired the remaining stake, effectively placing the entire business under his control. The financial terms have not been disclosed. 

Capital Radio's portfolio includes Capital 91.3 FM, Beat FM and KIIS 100.9 FM, giving Next Media access to English-speaking urban audiences, the Luganda mass market and younger listeners. 

The acquisition would further expand Next Media’s operation that already includes NBS Television, Next Radio and several digital and production businesses. Kariisa acquired shares in NBS Television in 2008 before taking full control of the station in 2014. 

The Capital FM transaction, however, still requires UCC approval before the transfer of the broadcasting licences can be completed.

Under the Uganda Communications Act and licensing regulations, UCC must consider the public interest before approving a transfer of broadcasting licences.

The commission has therefore invited members of the public to submit written comments on the proposed acquisition within 14 days of its September 14 notice.