Cobus Stofberg, one of the key figures in transforming South Africa’s media sector, has retired from Naspers after an illustrious 40-year career. As a co-founder of M-Net and MultiChoice, Stofberg’s leadership helped turn Naspers from a traditional print media company into a global technology and media powerhouse.
His departure marks the end of an era for the company, which now boasts over $45 billion in market capitalisation, largely due to strategic ventures Stofberg championed.
Stofberg’s journey with Naspers began in the 1980s. At the time, Naspers was primarily a print-based news and lifestyle publisher, struggling against the South African Broadcasting Corporation’s (SABC) dominance in television advertising.
Alongside Koos Bekker and Jac van der Merwe, Stofberg pitched a groundbreaking idea for a subscription-based pay-TV service. This vision became M-Net, South Africa’s first pay-TV channel, launched in October 1986. The service offered 12 hours of daily programming, including live broadcasts of the Currie Cup rugby tournament, which resonated deeply with its Afrikaans-speaking audience.
M-Net’s success laid the foundation for MultiChoice, the company that would later launch DStv in 1995. DStv, the first direct-to-home digital pay-TV service outside the United States, debuted with 16 channels, including M-Net, SuperSport, Cartoon Network, and CNN. Stofberg’s strategic foresight was instrumental in its expansion across sub-Saharan Africa, growing from 10,000 subscribers in 1996 to over 8 million by 2014, when Koos Bekker stepped down as Naspers CEO.
Stofberg’s contributions extended beyond M-Net and DStv. His collaboration with Bekker and others helped Naspers diversify into digital and global markets.
In 2001, Stofberg supported Naspers’ bold $32 million investment in a then-little-known Chinese tech firm, Tencent. This decision, driven by Bekker and Hans Hawinkels, became one of the most successful venture capital deals in history. Today, Naspers’ stake in Tencent, which owns WeChat and holds significant shares in gaming giants like Epic Games, is valued at about $100 billion.
Under Stofberg’s influence, Naspers evolved from a regional publisher to a global e-commerce and media conglomerate.
The company acquired stakes in companies like Takealot, South Africa’s largest online retailer, and Russia’s Mail.ru Group. In 2019, Naspers spun off MultiChoice into a separate entity listed on the Johannesburg Stock Exchange (JSE), a move that reflected Stofberg’s long-term vision for operational independence and growth.
Stofberg’s legacy at MultiChoice
Stofberg’s impact on MultiChoice and DStv was profound. By 1998, DStv had 70,000 subscribers across Africa, a number that surged to 350,000 by 1999 with the addition of channels like BBC Prime and National Geographic. Stofberg’s focus on content acquisition, including live sports and international programming, fuelled this growth. By 2020, MultiChoice reported 20.1 million subscribers across 50 African countries, cementing DStv’s position as a leading pay-TV provider.
His leadership also saw the launch of innovative services like DStv Stream, GOtv, and Showmax, adapting to the rise of streaming platforms. Despite challenges like economic pressures in Nigeria, where MultiChoice lost 243,000 subscribers in 2024 due to inflation, Stofberg’s strategic groundwork ensured the company remained resilient.
Stofberg’s success was not a solo endeavour. He worked closely with Koos Bekker, who became Naspers CEO in 1997, and Jac van der Merwe, another M-Net co-founder. Their collective vision convinced Naspers to acquire a 26% stake in M-Net, providing the funding needed to launch the service. Stofberg’s ability to collaborate with media partners like Johnnic Communications, Argus Holdings, and Perskor was crucial in M-Net’s early days.
As Stofberg steps away from Naspers, his legacy as a media pioneer endures. His work transformed how South Africans consume entertainment, from the launch of M-Net’s single-channel service to DStv’s dominance across Africa.
His retirement comes at a time of transition for MultiChoice, with the Canal+ acquisition looming and DStv adapting to a streaming-driven market. His contributions, from M-Net’s inception to Naspers’ global expansion, will continue to influence the industry.
As South Africa’s media space evolves, Stofberg’s 40-year legacy remains a benchmark for innovation and resilience. His retirement closes a chapter, but the impact of his leadership will shape Naspers and MultiChoice for years to come.
According to Naspers chairman Koos Bekker, “Cobus’s vision helped build the foundation for our growth into a global tech leader.”