Stokes Criticizes 'Foreign Marauders' Amid Falling Revenues
Kerry Stokes, Australian media mogul and chair of Seven West Media, voiced strong criticism against streaming giants at the company’s latest annual general meeting. He condemned "foreign marauders" and highlighted an unfair tax system contributing to the group’s declining financial performance.
Financial Results and Shareholder Reaction
Seven West Media’s total revenue dropped by four percent in the most recent financial year, with net profit after tax falling sharply from $67 million in 2024 to $30 million in 2025. Despite executives missing performance targets, there were no bonuses awarded, yet shareholders still expressed their dissatisfaction.
- Over 35% of shareholders voted against the group’s remuneration report.
- Investors also expressed frustration over the absence of dividends for the past eight years.
- The share price plunged from $5 at purchase—with a 5% dividend—to just 13.5 cents today, with no dividend returns.
Concerns from Minority Shareholders
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us," said one frustrated investor.
Stokes, aged 85, empathized with this sentiment regarding the lack of dividends.
Stokes’ Statement 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."
Stokes clearly attributes the difficulties facing Seven West Media to external digital competitors disrupting traditional media markets.
Author’s Summary
Kerry Stokes condemns foreign streaming rivals and an unfair tax environment as major factors behind Seven West Media’s declining profits and shareholder dissatisfaction.