Stokes Criticizes Streaming Giants and Tax System
Australian media mogul Kerry Stokes used his final annual general meeting as Seven West Media chair to condemn “foreign marauders” and an unfair tax system, which he blamed for the company’s declining revenues.
Financial Performance
Seven West Media’s total revenue fell by four percent in the recent financial year. Net profit after tax dropped significantly from $67 million in 2024 to $30 million in 2025.
Stokes Addresses 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.”
He added, “It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Response
- Over 35% of shareholders voted against the group’s remuneration report.
- No bonuses were awarded to executives who missed targets.
- Investors expressed frustration over not receiving dividends for eight years.
One shareholder noted the dramatic fall in share price—from $5 with a 5% dividend at purchase to just 13.5 cents today with no returns.
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us.”
This sentiment was something the 85-year-old billionaire chair could understand, given the prolonged absence of dividends.
Author’s summary: Kerry Stokes laments the impact of foreign competitors and tax challenges on Seven West Media’s profits, while shareholders express growing dissatisfaction over poor returns and dividend drought.