Kerry Stokes Bids Farewell to Shareholders as SWM Speeds Up Cuts
Although Kerry Stokes will remain chair for another three months, he said goodbye to shareholders today at Seven West Media’s final annual general meeting before merging with Southern Cross Austereo.
Stokes reassured attendees that while he will step down in February, his son Ryan will continue to serve on the new board, maintaining the family’s indirect interest in the company. Stokes owns just under 51% of Seven Group Holdings, which holds a little over 40% of Seven West Media. After the merger, their stake will reduce to approximately 20%.
Stokes Criticizes AFL Scheduling Amid Soft Ratings
Before leaving, Stokes expressed disappointment with Seven’s long-term sports partner, the AFL, blaming its scheduling for this season’s disappointing 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.”
Not all shareholders expressed gratitude, as they witnessed the share price rise significantly and then decline markedly during his tenure.
Shareholder Impact and Future Involvement
- Kerry Stokes to leave the Seven board in February.
- Ryan Stokes will remain on the merged company’s board.
- Stokes family’s indirect stake to decrease from over 40% to about 20% after the merger.
Author’s summary: Kerry Stokes prepares to exit the Seven West Media board amid a merger, signaling changes in ownership and criticizing AFL’s scheduling for weak ratings this year.