Australia’s Last Media Mogul Steps Down
Kerry Stokes, Australia's final media titan, has chaired his last annual general meeting (AGM) for Seven West Media, signaling his departure from the top role early next year. However, the 85-year-old vows to continue fighting for free television.
Criticism of Streaming Services
During his final AGM, Stokes took aim at Netflix and other streaming platforms, expressing concern over their tax practices and impact on the industry.
“They’ve taken out last year some $6 billion in revenue. They take the advertising and there’s no tax on it. And these people will go on until there’s nothing left,” Stokes said.
Preparing for Industry Changes
Stokes clarified that he is stepping back, not retiring, as Seven West Media plans to merge with the radio group behind the Triple M and Hit Networks in February. He emphasized the need for industry protection.
“The whole industry needs some protection,” he stated.
From Humble Beginnings to Media Giant
Known as the last mogul after Kerry Packer’s death and Rupert Murdoch’s retirement, Stokes' journey from a poor, dyslexic TV aerial installer to a billionaire network owner spans 47 years since his first investment in Seven.
On his success, he modestly said,
“Oh, um, I got lucky.”
Legacy and Motivation
Despite challenges, Stokes remains passionate about delivering quality content to Australians.
“I love the fact that regardless of the headaches, we produce for the Australian public quality news, quality sports coverage and good entertainment.”
Author’s summary: Kerry Stokes, stepping down after nearly five decades, remains a staunch defender of free TV and the Australian media industry's future despite ongoing challenges from streaming giants.