Stokes Criticizes 'Foreign Marauders' Amid Declining Revenues
Kerry Stokes, the chairman of Seven West Media, used his final annual general meeting to criticize streaming giants and highlight challenges facing the media group. He blamed "foreign marauders" and an unfair tax system for the company's declining revenues.
Financial Performance Decline
Seven West Media experienced a 4% drop in total revenue in the latest financial year. The group’s net profit after tax fell sharply from $67 million in 2024 to $30 million in 2025.
Stokes’ Statements 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," Mr. 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."
Shareholder Response to Financial Results
- More than 35% of shareholders voted against the group's remuneration report.
- There were no bonuses given to executives as performance targets were not met.
- Investors expressed frustration over the absence of dividends for eight years.
- One shareholder noted the group's share price had fallen from $5 with a 5% dividend at purchase to 13.5 cents with no cash returns today.
Investor Concerns
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us," one investor said.
Chairman’s Perspective on Dividends
The 85-year-old billionaire chairman acknowledged the burden felt by shareholders due to the lack of dividends, highlighting it as a key issue for investors.
Summary: Kerry Stokes condemned foreign competitors and tax challenges for Seven West Media’s financial struggles, while shareholders voiced sharp dissatisfaction over profits, dividend absence, and executive pay.