Kerry Stokes Bids Farewell to Shareholders as SWM Speeds Up Cuts
Although Kerry Stokes will remain chairman for three more months, he said goodbye to shareholders today. At Seven West Media’s final annual general meeting before merging with Southern Cross Austereo, Stokes reminded attendees that while he will step down in February, his son Ryan will stay on the new board. The family’s indirect stake in the company will continue to keep Stokes, now 85, engaged.
Stokes’s Ownership and the Merger Impact
Stokes holds just under 51% of Seven Group Holdings, which itself owns slightly more than 40% of Seven West Media. Post-merger, that ownership will decline to about 20%.
Comments on AFL’s Scheduling and Ratings
In a somewhat unexpected remark, Stokes criticized Seven’s longstanding sports partner, the AFL, suggesting their poor scheduling contributed to this season's weak TV ratings. He stated at the AGM:
“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.”
Mixed Feelings Among Shareholders
Stokes’s departure comes amid mixed reactions, as shareholders have seen the share price climb and then decline sharply under his leadership.
Summary: Kerry Stokes announced his upcoming departure as Seven West Media merges with Southern Cross Austereo, highlighting reduced family stakes and expressing dissatisfaction with AFL scheduling impacting ratings.