Stokes Criticizes 'Foreign Marauders' Amid Revenue Decline
At his final annual general meeting as chair of Seven West Media, Australian media mogul Kerry Stokes condemned what he called “foreign marauders” and an unfair tax system, which he blamed for the company's shrinking earnings.
Seven West’s total revenue dropped by four percent in the latest financial year, with net profit after tax falling from 67 million dollars in 2024 to 30 million dollars in 2025.
“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,”
Stokes told shareholders in Sydney.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
More than 35 percent of shareholders voted against the company’s remuneration report, showing frustration over underperformance. Despite the absence of bonuses for executives, investors expressed dissatisfaction with the long absence of dividends — none distributed in eight years.
One investor highlighted that the group’s share price had plunged from five dollars with a five percent dividend at the time of purchase to 13.5 cents, with no returns today.
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,”
the investor said. Stokes, now 85 years old, remarked that he understands the disappointment over the lack of payouts.
Author’s Summary
At his final AGM, Kerry Stokes blamed streaming rivals and tax policies for Seven West Media’s financial decline, sparking investor anger over losses and unpaid dividends.