Next Media Services and its Chief Executive Officer, Kin Kariisa, are moving closer to taking full ownership and control of Capital FM and its sister radio stations in Uganda, following a formal application for regulatory approval of the proposed transaction.
The Uganda Communications Commission (UCC), in a public notice dated 14 September 2026, confirmed that Capital FM (2015) Limited has applied for approval to transfer its broadcasting licences following a proposed change in ownership.
If approved, Next Media Services and Kariisa will acquire 100% of the shares in Capital FM (2015) Limited, giving them direct control of the radio company.
The application brings the transaction before Uganda’s communications regulator following months of speculation about the relationship between the two media groups. According to the UCC, Capital FM currently holds nine radio broadcasting licences covering stations across Uganda.
The regulator listed Capital FM’s existing shareholders as Patrick Quarcoo and William Edward Cathcart, each holding 37.6%; Hannington Rubarenza Karuhanga, with 12.5%; Samuel Wanzunula Mangaali, with 9.3%; and Albert Ayorinde Ajayi, with 2.7%.
Next Media Services, which holds six broadcasting licences, is almost entirely owned by Kariisa. UCC records show Kariisa holds a 99.9% stake in the company, while Next Media Group FZCO owns the remaining 0.1%. The regulator said the proposed acquisition would not change Next Media Services’ existing shareholding structure.
The regulatory filing provides the clearest confirmation to date that a relationship initially presented as a strategic partnership between Next Media and Capital Radio Group has progressed into a full acquisition.
The companies announced a “strategic collaboration” on 23 June, outlining plans to share content, expand cross-platform engagement and create new opportunities for advertisers while maintaining separate brands and editorial identities. At the time, Kariisa described the arrangement as “a firm partnership for now” and did not confirm reports of an impending acquisition.
Reports in July subsequently indicated that the transaction had progressed to a takeover, with CEO East Africa reporting that Next Media had acquired approximately 70% of Capital Radio while Kariisa personally acquired the remaining stake. The financial terms of the transaction 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 a broad range of audiences, from English-speaking urban listeners and the Luganda-speaking mass market to younger demographics.
The acquisition would further strengthen Next Media’s growing media portfolio, which already includes NBS Television, Next Radio and a range of digital and production businesses. Kariisa first acquired shares in NBS Television in 2008 before taking full control of the broadcaster in 2014.
If approved, the deal will mark a significant expansion of Next Media’s footprint in Uganda’s radio market and further consolidate Kariisa’s position as one of the country’s leading media owners.
