This book examines the Nation Media Group (NMG), one of the few African media firms that occupies a commanding position in national and regional market economies. As a primer on the dynamics and complexity of media industries in African contexts, this book explores the interwoven relationship between commercial and state capitals in the African media industries through a case study analysis of NMG. The book analyses the structure and performance of NMG as a corporate business entity within the broader contexts of the political economy of the media and the logics of media capital. It also examines the state-media relationship, drawing on the NGM’s role in Kenya, against the backdrop of the civic role media institutions play in socio-political processes. In sum, the book provides a critical political economy analysis of NMG’s socio-economic, cultural, and political presence. This book will be of interest to students and scholars in the fields of media and communication studies, journalism studies, and the cultural and creative industries, as well as those in related fields such as African studies, political science, business, international development, and global studies.