The Capital Markets Authority (CMA) has officially denied reports claiming that Standard Media Group has been sold to a Rwandan company, Crystal Ventures. The regulatory body flagged the circulating statement as fake and urged Kenyans to disregard it.
Dismissal of Fake Reports
In a statement issued on Wednesday, January 8, CMA clarified that no sale of Standard Media Group shares had been approved. The fake report alleged that the majority of shares in the media house, located along Mombasa Road, had been acquired by Crystal Ventures.
The CMA’s swift response comes amidst heightened scrutiny of misinformation surrounding Kenya’s media industry.
Economic Challenges Facing Standard Media Group
The emergence of the fake statement coincides with ongoing economic difficulties faced by Standard Media Group and other media houses in Kenya. Declining revenue streams have forced the company to undertake significant cost-cutting measures, including layoffs.
In July 2024, the company announced plans to reduce its workforce by over 300 employees due to financial constraints.
“In reaching this decision, we took into consideration the difficult operating environment and its long-drawn effect on revenue generation,” the media house explained at the time.
Standard Media Group’s Portfolio
Standard Media Group operates a range of media products, including:
- KTN News
- Radio Maisha
- Spice FM
- The Standard newspaper
These platforms have played a significant role in Kenya’s media landscape, despite facing financial challenges in recent years.
CMA’s Advisory
The CMA has reiterated the importance of verifying information and relying on credible sources before sharing or acting on unverified reports. It further emphasized that any significant corporate transaction involving listed companies would be publicly disclosed through official channels.
Kenyans are encouraged to remain vigilant and report misinformation to appropriate authorities. As the media industry navigates economic pressures, transparency and accountability remain key in maintaining public trust.
