Stokes Criticizes Streaming Giants and Tax System
Australian media mogul Kerry Stokes used his final annual general meeting as Seven West Media chair to criticize streaming companies and the tax system, blaming "foreign marauders" for the company's declining revenues.
Financial Performance Decline
Seven West Media's total revenue fell by four percent in the most recent financial year. Net profit after tax dropped significantly, 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
- More than 35% of shareholders opposed the group's remuneration report, despite executives not receiving bonuses after missing goals.
- Investors expressed frustration over no dividends being paid in eight years.
- One shareholder pointed out the dramatic drop in share price—from $5 with a 5% dividend at purchase to just 13.5 cents without any cash return.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us."
Chairman's Reflection on Dividends
The lack of dividends resonated with the 85-year-old billionaire chairman, who sympathized with shareholders' frustration.
Summary: Kerry Stokes condemns streaming competitors and tax challenges amid Seven West Media's revenue decline and rising shareholder dissatisfaction.