Kerry Stokes Bids Farewell to Shareholders as SWM Advances Cuts
Although Kerry Stokes will remain chairman for another three months, he bade farewell to shareholders at Seven West Media’s last annual general meeting before its merger with Southern Cross Austereo.
Stokes reassured attendees that while he plans to leave the board in February, his son Ryan will continue serving on the new board. Furthermore, his family’s indirect ownership in the company will maintain his interest in its future.
Shareholding Details
Stokes holds just under 51% of Seven Group Holdings, which owns slightly more than 40% of Seven West Media. Following the merger, this stake will decrease to about 20%.
Comments on AFL and Ratings
On his way out, Stokes made a notable critique of Seven’s long-term sports partner, the AFL, suggesting it contributed to this season’s weak ratings.
“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.”
However, not all shareholders expressed gratitude, as the company’s share price saw a significant rise followed by a steep decline during his tenure.
Author’s Summary
Kerry Stokes prepares to leave Seven West Media’s board amid a reducing stake and critiques AFL’s role in recent low sports ratings, passing future leadership to his son.