Stokes Criticizes Streaming Giants and Tax System
Kerry Stokes, Australian media mogul and chair of Seven West Media, used his latest annual general meeting to condemn "foreign marauders" and an unfair tax system impacting the group’s declining revenues.
Financial Performance Decline
Seven West Media reported a 4% drop in total revenue for the recent financial year. Net profit after tax fell sharply from $67 million in 2024 to $30 million in 2025.
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."
"It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses."
Shareholder Reaction
More than 35% of shareholders voted against the company’s remuneration report, despite executives not receiving bonuses for missing targets. Frustration also grew over the absence of dividends in eight years.
One investor lamented the company’s share price drop from $5—with a 5% dividend at purchase—to just 13.5 cents today with no dividends paid back.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us."
Chairman’s Perspective
The 85-year-old billionaire chair related personally to the dividend issue, acknowledging the shareholders’ frustrations.
Summary: Kerry Stokes blamed foreign competitors and tax issues for Seven West Media’s revenue decline, while shareholders expressed strong dissatisfaction with performance and dividend policies.