Former President Uhuru Kenyatta’s family is reportedly set to sell their stake at Mediamax Network, Business Today reported.
According to a source privy to the same, the company’s CEO Ken Ngaruiya has been quoted saying the sell-off could happen soon.
In a protest letter addressed to the CEO, Mediamax employees also demanded to know what the supposed changes will mean to them.
“We acknowledge business has been slow but we are also aware and very sure that this is a very potential organization if we can have a leader
“On the other hand, the CEO has been quoted saying the organization shall be changing hands soon. If this is the case, does this mean we as staff shall lose our benefits?,” read the letter in part.
This comes at a time when the CEO is facing backlash from employees who are accusing him of arbitrary.
Uhuru and his family invested in the media industry while he was the president; as media plays a key role in politics.
With a strong opposition then, the former President used Mediamax to push his agendas using mainstream media.
Mediamax shareholders
Mediamax has under its wings the People Daily, K24 TV station, Milele FM, Kameme TV, Kameme FM, Meru FM, Pilipili FM, Mayan FM and Emo FM.
Other than Uhuru’s family, President William Ruto is also said to own shares at the company.
In 2018, he reportedly bought an addition 10% as he was preparing the ground for his 2022 presidential bid and he is well aware of what a friendly media can do to his candidacy.
Central Kenya Investors also own shares at Mediamax Network.
