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 affecting the group’s declining revenues.
Financial Performance Decline
Seven West Media's total revenue fell by 4% in the latest financial year, while 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."
Shareholder Discontent
- Over 35% of shareholders voted against the group's remuneration report despite no executive bonuses being paid for missed targets.
- Investors expressed frustration over the absence of dividends for eight years.
- One shareholder highlighted the dramatic share price fall from $5 with a 5% dividend at purchase to only 13.5 cents now, without any cash returns.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us."
Chair’s Perspective on Dividends
The 85-year-old billionaire chair sympathized with shareholders’ concerns about the lack of dividends.
Summary: Kerry Stokes criticized foreign competition and systemic tax issues as key factors in Seven West Media’s financial struggles, while shareholders expressed growing dissatisfaction with profits and dividends.