Stokes Criticizes Streaming Giants and Tax System
Australian media mogul Kerry Stokes used his final annual general meeting as Seven West Media chair to condemn “foreign marauders” and an unfair tax system, blaming them for the company’s declining revenues. The group’s total revenue dropped by four percent in the latest financial year, and net profit after tax fell sharply from $67 million in 2024 to $30 million in 2025.
Challenges Facing Seven West Media
“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.”
Shareholders’ Reaction and Concerns
More than 35 percent of shareholders voted against the group’s remuneration report, despite executives receiving no bonuses after failing to meet targets. Investors expressed frustration over the lack of dividends in eight years. One shareholder pointed out the drastic fall in share price from $5, with a five percent dividend when purchased, to just 13.5 cents today with no dividend returns.
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” the shareholder said.
Dividend Concerns Shared by Chairman
The absence of dividends is an issue that resonated with the 85-year-old billionaire chair himself.
Summary
Kerry Stokes attributes Seven West Media’s shrinking profits to foreign competition and tax issues, while shareholders express dissatisfaction over performance and the prolonged absence of dividends.