Stokes blames 'marauders' as owners reject pay report
Australian media mogul Kerry Stokes, in what may be his final annual general meeting as chair of Seven West Media, criticized global streaming companies and an inequitable tax system for the company’s declining earnings.
Seven West Media recorded a 4% drop in total revenue over the past financial year. Net profit after tax fell from $67 million in 2024 to $30 million in 2025.
“The past year has been typically eventful, unpredictable, and undeniably challenging for an industry facing persistent pressures, regulatory uncertainty, and ongoing threats from foreign marauders intent on snapping at our heels and snatching away our heartland,”
Stokes told shareholders in Sydney. He went on to highlight the competitive strain media companies face from “platforms that come in and steal our businesses.”
Despite the absence of executive bonuses due to missed performance targets, over 35% of shareholders voted against the company’s remuneration report. Many investors also expressed frustration with the lack of dividends over the past eight years.
“I believe that Seven West Media is treating minority shareholders such as my wife and me with contempt, belittling us,”
one shareholder said, adding that the firm’s share price had plummeted from $5 with a 5% dividend at purchase to just 13.5 cents today, leaving investors without returns.
Even at 85, Stokes acknowledged he understood the disappointment over the absence of dividends.
Author's Summary
Kerry Stokes condemned foreign streaming rivals and Australia’s tax system as Seven West Media’s earnings and shareholder confidence continued to erode.