Kerry Stokes Bids Farewell to Shareholders as SWM Prepares for Merger
Although Kerry Stokes will remain chairman for another three months, he said goodbye to shareholders at Seven West Media’s final annual general meeting before merging with Southern Cross Austereo. Stokes confirmed he will step down in February, but his son Ryan will continue on the new board, ensuring the family stays involved.
Family Stake and Ownership Changes
Stokes controls just under 51% of Seven Group Holdings, which owns over 40% of Seven West Media. After the merger, this indirect stake will reduce to about 20%, but Stokes, 85, will maintain a keen interest.
Comments on AFL and Ratings
On his way out, Stokes unexpectedly criticized Seven’s longstanding sports partner, the AFL, blaming them for soft ratings this season. He stated at the AGM:
“We expect the poor scheduling from the AFL this year will be rectified in the coming season to help deliver even stronger audiences for our suite of live sport.”
However, not all shareholders expressed gratitude, noting the volatility in share prices during his tenure.
Author’s Summary
Kerry Stokes prepares to leave Seven West Media’s board amid a merger, while urging improvements from the AFL to boost future sports ratings.