It is worth revisiting the history of Naspers. Launched in 1915 as a newspaper, the South Africa-based company has a pay TV business and 50 domestic newspaper titles but its move to invest in technology companies changed its contours. In 2001, the company invested $32 million for 46.5% stake in Tencent, which was then just three years old. Though over the years, Naspers pared its holding in the Chinese internet powerhouse, the residual 30% is worth $120 billion.