Foreign shareholding in printed media companies is limited to 49%, and any change to the shareholding structure of a foreign-owned media company requires the approval of the Director of Information Services Department.
"2. In these Regulations, unless the context otherwise requires-[...]
“Act” means the Media Services Act, 2016;[...]
“Director” means Director of Information Services Department created under section 4 of the Act;
[...]
PART II - OWNERSHIP OF MEDIA HOUSES AND OBLIGATIONS
Application 3. Notwithstanding the Regulations governing electronic media, this part shall apply to the Print Media.
Ownership of print media
4.-(1) Any person who intends to own print media-
(a) shall, in case of local company or sole proprietor, whether in an individual capacity or jointly, have no shareholding limitation to own print media;
(b) where an applicant for a print media license is a foreigner, shall be required when applying for a license to submit to the Director a list of shareholders with a minimum of fifty one percent local ownership.
(2) A print media licensee shall notify the Director about any change in shareholding structures.
(3) A company with a foreign shareholder shall obtain an approval from the Director before applying for any change in shareholding structure to the relevant authority.
(4) Changes made under sub-regulations (2) and (3) shall be subject to payment of fees as prescribed in the Schedule to these Regulations.[...]"(The Media Services Regulations, 2017)

The Media Services Regulations, 2017
[<a href="http://www.maelezo.go.tz/storage/app/uploads/public/58d/252/210/58d25221067f1018750655.pdf">Reg</a>]