Stokes Blames ‘Marauders’ as Shareholders Reject Pay Report
At his final annual general meeting as chair of Seven West Media, Australian billionaire Kerry Stokes criticized what he called “foreign marauders” and an unjust tax regime that, in his view, have contributed to the company’s declining revenue.
“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,”
Speaking to shareholders in Sydney, Stokes described how digital platforms and global competitors have disrupted traditional media:
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Financial Results and Investor Reaction
Seven West’s total revenue fell by 4 percent in the most recent financial year. Net profit after tax dropped sharply from 67 million dollars in 2024 to 30 million dollars in 2025. This downturn, combined with Stokes’ criticisms, sparked frustration among investors.
- More than 35 percent of shareholders voted against the company’s remuneration report.
- Executives received no bonuses after missing performance targets.
- Investors expressed anger over the lack of dividends, which have not been paid in eight years.
- Shareholders noted the share price plunged from 5 dollars with a 5 percent dividend to just 13.5 cents and no return today.
Industry Outlook
Stokes’ address underscored the strain Australia’s traditional media sector faces from global tech platforms and policy uncertainty. His departure marks the end of a long tenure leading one of the country’s largest media groups through a period of rapid transformation and rising competition.
Author’s summary: Kerry Stokes ended his tenure at Seven West Media with sharp criticism of global rivals and tax pressures as falling profits stirred shareholder revolt.