Kerry Stokes Bids Farewell to Shareholders as SWM Tightens Operations
Kerry Stokes has officially said goodbye to shareholders at Seven West Media’s final annual general meeting before the company merges with Southern Cross Austereo. While he will remain chairman for another three months, Stokes confirmed his intention to step down in February.
He reassured investors that his son, Ryan Stokes, will continue to serve on the new company’s board, maintaining the family’s ongoing involvement and interest in the business. The Stokes family holds an indirect stake through Seven Group Holdings, of which Kerry Stokes owns slightly less than 51%. That company currently controls a little over 40% of Seven West Media, though this figure is expected to decrease to around 20% following the merger.
Remarks on Ratings and Sports Coverage
During the meeting, Stokes made a pointed remark about the network’s long-term sports partner, the AFL, suggesting that poor scheduling had contributed to the season’s weaker television ratings.
“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,”
he told shareholders, in a statement that hinted at some ongoing tension between the network and the league.
Legacy and Transition
Though Stokes departs after decades of leadership, not all investors part with gratitude. Many shareholders remember share prices soaring under his watch, only to decline again in later years. At 85, his gradual withdrawal marks the end of an era for one of Australia’s longest-serving media leaders.
Author’s Summary
Kerry Stokes bids farewell to Seven West Media, marking his departure with optimism for a new merger era while voicing criticism toward the AFL’s scheduling.