Stokes Criticizes Streaming Giants and Tax System
Kerry Stokes, chair of Seven West Media, used his last annual general meeting to condemn "foreign marauders" and criticize an unfair tax system that he believes is harming the group's declining revenues.
Financial Results Show Decline
Seven West's total revenue dropped by four percent in the latest financial year. The group's net profit after tax fell sharply from $67 million in 2024 to $30 million in 2025.
Challenges from Foreign Competitors
"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," Mr Stokes said in Sydney.
He also highlighted the public challenges from streaming platforms that have taken over traditional business areas:
"It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses."
Shareholders Express Discontent
- More than 35% of shareholders voted against the group's remuneration report, despite executives receiving no bonuses for missed targets.
- Investors expressed frustration over the lack of dividends for eight years.
- One shareholder pointed out that the group's share price plummeted from $5 with a 5% dividend at purchase to just 13.5 cents with no cash returns today.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us," stated an investor.
Personal Reflection from the Chairman
The 85-year-old billionaire chairman acknowledged the dividend drought, showing empathy toward shareholders' concerns.
Author's summary: Kerry Stokes condemns streaming rivals and regulatory challenges amid Seven West Media's sharp profit decline and shareholder frustration over lost dividends and plummeting share value.