Stokes Criticizes Streaming Giants and Tax System Amid Declining Revenues
Kerry Stokes, the chair of Seven West Media, used his last annual general meeting to confront challenges facing the media industry. He sharply criticized "foreign marauders" and described the tax system as unfair, blaming them for the company's shrinking revenues.
Financial Performance Decline
Seven West Media's total revenue dropped by four percent in the latest financial year. The group's net profit after tax declined significantly from $67 million in 2024 to $30 million in 2025.
Stokes' Remarks 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 said in Sydney.
"It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses."
Investor Reactions
- More than 35 percent of shareholders voted against the remuneration report, expressing dissatisfaction despite no bonuses being paid to underperforming executives.
- Investors have grown frustrated due to the absence of dividends for eight years. One shareholder noted a drastic drop in share price from $5 with a 5% dividend at purchase to just 13.5 cents today without any returns.
- "I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us," expressed one concerned investor.
The Dividend Issue
The lack of dividends is a relatable concern for the 85-year-old billionaire chair, who has experienced similar frustrations.
Author’s summary: Kerry Stokes condemns foreign competition and tax challenges as Seven West Media faces revenue decline and shareholder dissatisfaction over lack of dividends and executive pay.