Koos Bekker

According to a 2025 Forbes article, Jacobus Petrus “Koos” Bekker ranks as South Africa’s third-wealthiest individual, with an estimated net worth of $3.53B. But how did he do it? Let’s take a look.

Under his visionary leadership, Naspers evolved from a traditional print media company into one of the world’s largest media and e-commerce conglomerates, boasting a market cap of approximately R847 billion (~$47 billion USD). From humble beginnings, Bekker achieved extraordinary success.

Born in Potchefstroom in 1952, Koos Bekker grew up in Heidelberg, Gauteng, where he attended Hoër Volkskool, matriculating as head boy and top of his class. His academic path continued at Stellenbosch University, where he studied law and literature, followed by an LLB from Wits University and an MBA from Columbia University in New York City.

After graduating, Bekker returned to South Africa with revolutionary ideas that would soon reshape the country’s media landscape. Inspired by HBO’s pay-TV model in the U.S., he proposed a similar concept to Ton Vosloo, then managing director of Naspers. At the time, Naspers was primarily a print media house, anchored by Die Burger, a publication originally created as a mouthpiece for Afrikaner nationalism.

With SABC’s advertising monopoly eating into Naspers' revenues, Bekker’s pay-TV concept offered a way forward. Gaining support from Pik Botha, then head of the SABC, Naspers secured the necessary license. In 1986, M-Net launched—becoming one of the world’s first pay-TV services outside the U.S.—and was profitable by its second year. This marked Naspers’ digital pivot and laid the foundation for its global expansion.

In 1991, Naspers entered a 50/50 joint venture with Richemont to acquire FilmNet, forming NetHold in Europe. By 1996, amid concerns about U.S. media infiltration in Europe, NetHold was sold to France’s Canal+ for $2.2 billion. In 1993, the company was restructured, splitting operations and Hans Hawinkels became CEO of the newly formed MultiChoice, while Bekker took over as CEO of Naspers in 1997.

Bekker had long set his sights on the Asian market and with Hawinkels, Naspers pursued expansion into Asia. A key early move was acquiring a 36% stake in IBC, a successful pay-TV company in Thailand, and partnering with IDG Ventures to establish 21Vianet, an internet service provider in Beijing. These early moves laid the groundwork for Naspers’ most consequential investment.

After months of negotiations and multiple failed attempts, Hawinkels struck a deal to acquire a combined 46.5% stake in Tencent from IDG and PWWC. Despite internal resistance, Bekker backed the acquisition. At the turn of the century, Naspers had completed what would become its most transformative deal—a move Hawinkels later called “decisive for the group.” Today, Tencent has a market cap of nearly $600 billion and is best known for WeChat, which boasts over 1 billion active monthly users.

However, success in China was hard-won. Naspers’ first three ventures in the region failed, costing $80 million. Bekker later said:

“Our biggest success in China was that we failed so early and spectacularly, and that caused a certain humility in us to change our policy.”

In 2002, Hawinkels' tenure came to an end and his contract was not renewed. He later expressed disappointment at not receiving appropriate recognition from Bekker and others for his achievements. He also did not share in the profits that Tencent's success helped unlock.

In parallel, Media24 was launched in 2000 and has since grown into South Africa’s leading media company, best known for its flagship digital platform, News24.

Bekker stepped down as CEO in 2014, handing over to Bob van Dijk, former eBay executive and the first foreigner to lead Naspers in a century. Bekker remains chairman of the board to this day.

Naspers was listed on the Johannesburg Stock Exchange on 12 September 1994 at R17.50 and now trades around R5,310 (as Peter Lynch would say, a cheeky 300-bagger).

Tencent was listed on the Hong Kong Stock Exchange on 16 June 2004 at $4.00 and now trades around $65.