Stokes Criticizes Streaming Giants and Tax System
Michael West reports that Australian media mogul Kerry Stokes used his last annual general meeting as Seven West Media chair to condemn “foreign marauders” and an unfair tax system contributing to the group’s declining revenues.
Financial Performance Decline
Seven West Media’s total revenue fell by four percent in the latest financial year. Net profit after tax dropped sharply from $67 million in 2024 to $30 million in 2025.
Stokes’ Statement to Shareholders
“The past year has been a typically eventful one, 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,”
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholders’ Reaction
More than 35% of shareholders rejected the group’s remuneration report, despite executives receiving no bonuses for missed targets. Investors also expressed frustration over the absence of dividends for eight years.
One shareholder remarked on the share price decline:
“The group’s share price has plunged from $5 with a 5% dividend at purchase to 13.5 cents with no cash return today.”
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” he added.
Shared Concern from Stokes
The 85-year-old billionaire chairman also empathized with shareholders disappointed by the lack of dividend payments over many years.
Summary: Kerry Stokes condemns foreign competition and tax issues as Seven West Media struggles financially, facing shareholder discontent over poor dividends and plunging share prices.