In Nigeria, owning a DStv or GOtv decoder is almost a given.
These popular TV subscription services are powered by the parent company, Multichoice. Multichoice, a South African company, has etched its name into the households of several African countries, including Nigeria.
Behind this innovation stands a South African billionaire, Koos Bekker, who has played a pivotal role in the success of Multichoice and Nasper – Africa’s largest digital media powerhouse.
Their financial prowess can be attributed to a single investment that skyrocketed in value. In May 2001, under Bekker’s leadership, Naspers acquired a 46.5% stake in the Chinese internet giant, Tencent.
Koos Bekker’s academic background
Born in 1953, Koos Bekker’s academic journey took him through Hoër Volkskool Heidelberg(a South African public school). He completed degrees in law and literature at Stellenbosch University and furthered his education with a law degree at Wits University. His pursuit of knowledge di not stop there. He got an MBA from Columbia Business School in New York and an honorary doctorate from Stellenbosch University.
After a brief stint in advertising, he earned his MBA from Columbia Business School, graduating in 1984.
Koos Bekker’s career journey
According to Forbes, with a net worth of $2.4 billion, Koos Bekker’s journey to prominence began just before his graduation. In 1983, Bekker penned a thesis at Columbia University outlining the idea that would birth M-Net. Alongside two others, he pitched this idea to Naspers.
As a result of this project, Bekker, along with his colleagues, founded one of the first two pay-television services outside of the United States. M-Net and its sister companies, including Multichoice, eventually expanded to 48 countries across Africa. In the 1990s, Bekker played a pivotal role as a founding director of the mobile communication giant, MTN.
Fast forward to 1997, Bekker assumed the role of CEO at Naspers, one of the initial investors in the M-Net/Multichoice group. Naspers subsequently acquired the remaining shareholders. During his tenure, the market capitalization of Naspers grew from approximately $1.2 billion to an astonishing $45 billion.
What set Bekker apart was his unique compensation package. For fifteen years as CEO, he was compensated solely through stock option grants that vested over time.
Under Bekker’s leadership, Naspers ventured into pay television, mobile telephony, and various internet services. The group conducted business across Europe, Africa, Latin America, China, India, Russia, and several other smaller countries.
Koos Bekker’s other endeavors
Over the years, Bekker’s share options became increasingly valuable as Naspers’ investments in companies like Tencent paid off. In 2015, he exercised some of these options to purchase Naspers shares.
Bekker’s bold decision in 1999 to be paid in Naspers shares ultimately made him one of South Africa’s wealthiest individuals.
In 2019, Koos Bekker stepped down from his role as Naspers CEO, assuming the position of chairman while retaining a significant stake in the company.
Beyond his stake in Naspers, Bekker has pursued numerous interests that have contributed to his wealth.
Recently, Koos Bekker sold Prosus shares worth R3.4 billion to fund the development of hotels. These shares were sold through a family trust, and the proceeds will be used to support hotel operations in various countries.
Together with his wife Karen Roos, a former editor of Elle Decoration, Bekker developed the Babylonstoren estate in the Cape Winelands. In 2019, they opened The Newt in Somerset, UK. Both estates feature extensive gardens, restaurants, and hotels.
