Seven West's Kerry Stokes Steps Down Despite Sports Dominance
Seven West Media’s Western Australia-based billionaire chairman Kerry Stokes has announced his departure. This decision follows his earlier agreement this year to merge Seven West Media (ASX:SWM) with Southern Cross Media Group, a deal backed by an independent report released earlier this week.
“The merger deal is in the best interests of Southern Cross shareholders,” the report by Kroll Australia Pty Ltd concluded.
Despite Seven’s continued dominance in Australian sports broadcasting, the market’s reaction was minimal. By 1:30 p.m. AEDT on Thursday, only $7,000 worth of SWM shares had changed hands, showing a level of trading activity more typical for tiny exploration stocks than a major media group.
This thin market interest suggests investors may no longer see SWM as an exciting prospect. Meanwhile, Southern Cross Media (SXL) shares slipped 1.7% intraday to 85 cents but remain up 41% year-to-date, indicating stronger overall performance.
Amid these market signals, observers are left to wonder what Kerry Stokes truly thinks as he exits after decades of influence at the media company.
Author’s Summary
Kerry Stokes’s exit from Seven West Media highlights investor indifference despite strong sports coverage, hinting at deeper challenges for the company’s market relevance.