JOHANNESBURG - An otherwise bland announcement from a Russian investment outfit and the leading Chinese internet portal would not normally have meant much for South African investors.

But, Tencent is 34.5% owned by media giant Naspers (JSE:NPN) and its announcement (PDF) on Monday that it would invest $300m in Russian internet company Digital Sky Technologies (DST) might give food for thought to investors.The companies said the investment would help "establish a long-term strategic partnership".

The investment, in cash, "gives Tencent approximately a 10.26% economic interest in DST". Tencent will hold about 0.51% of the total voting power of DST.

DST has been incredibly active in the Russian and Eastern European markets, and controls many leading internet businesses there.

Last year, DST bought 3.5% in unlisted Facebook for $100m. DST has also invested $180m in social games company (maker of Farmville), Zynga.

This transaction leaves Naspers with an indirect holding of 0.12% in Facebook.

In a report, released today, a prominent investment bank suggests that the 10.26% stake in DST excludes the Facebook and Zynga assets, yet nothing in Tencent's regulatory filing with the Hong Kong bourse suggests that this is the case. In fact, it specifically mentions DST's holdings in Facebook and Zynga.

DST and Tencent say they will "embark on a long-term partnership and co-operation as they seek to benefit from each other's insights gained from their respective markets".

Many commentators are wondering aloud online what role Naspers may have had in putting this deal between China's and Russia's number one internet companies together. Speculation also abounds about the streamlining of Naspers and DST's operations in Russia.

DST and Naspers have long been involved. In 2007, it bought a 30% in Russian portal mail.ru for $165m. This has since increased to a 43% holding.

In December, DST merged two of its portfolio companies, mail.ru and Astrum Online Entertainment, even after Naspers announced it would acquire between 38% and 100% in Astrum from DST.

In February, Kommersant reported that Naspers and DST were in negotiations to pool their Polish social networks.

There is also the overhang of AOL's reported talks about the sale of instant messenger service ICQ. Naspers was rumoured to be one of the potential acquirers, but the company did say in November it had not approached AOL. Naspers CEO Koos Bekker is reported as saying that ICQ operates in markets that may be "too developed" to interest the group.

In recent months DST and Tencent have both been mentioned as strong contenders.

Market analysts have long suggested that buying Naspers shares only really account for its holding in Tencent and the Multichoice business. In effect, you'd get everything else owned by for "free".

Based on the current price of ADR's listed in the US, Naspers's 34.5% stake in Tencent is valued at R94bn (at an exchange rate of 7.25:$). Contrast this to the current market capitalisation of Naspers of R126bn.

Would a proper consolidation and streamlining of Naspers, Tencent and DST's portfolio of internet businesses in the medium-term be too far-fetched a suggestion?