When SWAPO took power in 1990, one of the first deals it signed wasn’t a road or a hospital. It was a media deal. 1991, Kalahari Holdings, SWAPO’s investment arm, signed a 51-49 joint venture with MultiChoice Africa. That JV became MultiChoice Namibia, the company that runs DSTV in this country. 35 years later, over N$100 million in dividends have flowed to Kalahari in the last 5 years alone. The 51% stake is worth around N$250 million. December 2025, Canal+ buys the parent for $2 billion. CRAN ruled it doesn’t touch the local licence. The 51-49 split holds, just with a French parent sitting on top. Outlasted apartheid. Outlasted Naspers. Outlasted an unbundling. Still paying. The deal you sign in your first year of independence can outlive its corporate parents and still cash a cheque. #MultiChoice #DSTV #Namibia #KalahariHoldings #GlobalArbitrage