The Nation Media Group has acquired online events portal KenyaBuzz to buttress its shrinking revenue base while fostering the growing acquisition activities in the internet companies scene.
The media house did not disclose how much the deal was worth meaning the amount was too little to affect the listed company’s performance.
A listed company is obliged to announce any such deal if it is worth more than Sh100m.
The company’s chief editor Tom Mshindi said the move was among many others they are taking to diversify their product offering.
Alix Grubel the founder of KenyaBuzz said the acquisition was a new beginning for the events portal.
KenyaBuzz.com lists local events by date, venue and location, among other categories while also listing movies by date, time and theatre.
There has been a marked increase in Mergers and Acquisition activities involving internet companies including online media firms in Kenya offering a lifeline for hardworking and innovative internet entrepreneurs.
This also comes after the failed attempt by Ringier group to acquire Ghafla, a Kenyan celebrity news site.
The social events site offers users the convenience of booking seats and buying movie tickets online
The site also carries stories on social events and celebrities happening around the country and the region.
It was not clear how the company was to be incorporated into the larger NMG community and whether the staff of KenyaBuzz will be retained as NMG has been cutting its costs by sending home its workers.
The large media houses are seeing their newspaper circulations drop sharply forcing them to painfully realign their resources as online media redistributes advertising revenues.