A Media Visionary’s Legacy Shaped Africa’s Digital Future

Cobus Stofberg, a pivotal figure in the transformation of South Africa’s media landscape and co-founder of M-Net and MultiChoice, has officially retired from Naspers after a 40-year tenure. His departure follows his long-standing role as a non-executive director of Napers, with his final day on the board recorded as 19 August 2025. Stofberg’s contributions to Napers span multiple roles, including financial manager, chief operating officer, and chief executive of various subsidiaries within the Napers/Prosus group from 1985 to 2011. His strategic leadership and international expansion efforts were instrumental in positioning the group as a global player in consumer internet and technology sectors [1].

Stofberg’s career with Napers began during the 1980s, a period when the company was primarily a print media publisher facing stiff competition from the South African Broadcasting Corporation. Alongside Koos Bekker and Jac van der Merwe, Stofberg proposed the innovative idea of a subscription-based pay-TV service, which became M-Net in 1986. This venture proved to be a turning point for Napers, setting the stage for the subsequent launch of MultiChoice and DStv in 1995 [3]. DStv, which introduced 16 channels including CNN and Cartoon Network, was the first direct-to-home digital pay-TV service in Africa outside the United States [3]. Stofberg’s strategic vision and commitment to expanding the service across sub-Saharan Africa led to its subscriber base growing from 10,000 in 1996 to over 8 million by 2014 [3].

In addition to his work in the media sector, Stofberg played a critical role in Napers’ diversification into digital and global markets. His support for the company’s $32 million investment in Tencent in 2001 was a pivotal decision that has since yielded significant returns. Napers’ stake in Tencent, now valued at approximately $100 billion, has been one of the most successful venture capital investments in history. This strategic move underscored Stofberg’s forward-thinking approach to business and investment [3]. Furthermore, under his influence, Napers expanded into e-commerce and digital services, acquiring stakes in key companies like Takealot, South Africa’s largest online retailer, and Russia’s Mail.ru Group [3]. In 2019, Napers spun off MultiChoice into a separately listed entity on the Johannesburg Stock Exchange, a move that reflected Stofberg’s long-term vision for operational independence and growth [3].

Stofberg’s leadership also saw the introduction of innovative services such as DStv Stream, GOtv, and Showmax, adapting the company to the rise of streaming platforms. By 2020, MultiChoice had grown to serve 20.1 million subscribers across 50 African countries [3]. His role in acquiring exclusive sports broadcasting rights and expanding the content library was crucial to DStv’s success. However, the company has recently faced challenges, including declining subscriber numbers and economic pressures in key markets like Nigeria, where inflation has driven up the cost of living [2]. Despite these challenges, Stofberg’s foundational work has provided MultiChoice with the resilience to continue operating effectively.

Koos Bekker, Napers’ chair, highlighted Stofberg’s immense contributions to the group’s development and expressed deep gratitude for his decades of service. Stofberg’s retirement marks the end of an era for Napers, which now commands a market capitalisation of over $45 billion, largely due to the strategic ventures he championed. His legacy as a media pioneer remains firmly embedded in the company’s history, influencing how South Africans and Africans at large access entertainment and digital content [3]. As Napers continues to evolve, particularly with the looming Canal+ acquisition and the shift towards streaming, Stofberg’s foundational work will continue to shape the company’s trajectory in the global market.

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[1] Change to Board of Directors (https://www.naspers.com/news-insights/regulatory-updates/2025/change-to-board-of-directors)

[2] Africa's Pay-TV Titan: MultiChoice's rise, challenges, and ... (https://hallmarknews.com/africas-pay-tv-titan-multichoices-rise-challenges-and-the-canal-lifeline/)

[3] M-Net and MultiChoice co-founder Cobus Stofberg retires ... (https://technext24.com/2025/08/20/multichoice-cobus-stofberg-retires-mnet/)