Foreign shareholding in companies holding a content services licence (i.e.radio and TV broadcasting license) is limited to 49%.
PART III - SPECIFIC CONDITIONS FOR INDIVIDUAL LICENCES
3. In these Regulations, unless the context otherwise requires:- [...]
“commercial content services licensee” means an entity authorized to provide radio or television broadcasting free to air or content services by subscription;

20.-(1) The Authority shall, from time to time, through a competitive process invite applications for Network Facilities, Network Services and Content Services Licences which require spectrum.
[…]
22.-(1) An applicant shall, when applying for a licence, submit the following:-
(a) in the case of network facilities licence, network services licence, application services licence, memorandum and articles of associations with a minimum of twenty five percent of its authorized share capital as an ongoing obligation throughout the life of its licence;
(b) in the case of content services licence memorandum and articles of associations with a minimum of fifty percent local (Tanzanian citizen) shares ownership. [...]" (THE ELECTRONIC AND POSTAL COMMUNICATIONS (LICENSING) REGULATIONS, 2018)

THE ELECTRONIC AND POSTAL COMMUNICATIONS (LICENSING) REGULATIONS, 2018, last amended in 2022
[<a href="https://tadio.co.tz/wp-content/uploads/2019/08/6._GN._57__Electronic_and_Postal_Communications_Licensing_Regulations_2018-3.pdf">Reg</a>],[<a href="https://www.tcra.go.tz/uploads/newsdocs/sw-1651236980-Public%20Notice%20-%20Ammendment%20of%20Electronic%20and%20Postal%20Communications%20Regulations,2022.pdf">Amend</a>]