Kerry Stokes Says Farewell to Shareholders as Seven West Media Restructures
Kerry Stokes, although remaining as chairman for the next three months, bid farewell to shareholders today during Seven West Media’s final annual general meeting before its merger with Southern Cross Austereo. He reminded the audience that he will step down in February, but his son Ryan will continue on the new board, keeping the family’s involvement active through their indirect stake in the business.
Stokes, who owns just under 51% of Seven Group Holdings, noted that the company’s ownership of more than 40% of Seven West Media will decrease to about 20% once the merger is complete. At 85, he said he still remains interested in the company’s direction and performance.
Criticism of the AFL's Scheduling
In a parting remark that caught attention, Stokes criticized Seven’s long-term sports partner, the AFL, implying its scheduling choices contributed to underwhelming viewership figures this season.
“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,”
he told shareholders during the meeting, expressing hope that future seasons would bring improved ratings and engagement.
Shareholder Sentiment
While some shareholders praised his long tenure, others observed that Stokes leaves after a volatile period for the share price, which has seen both significant rises and sharp declines over the years.
Author’s summary: Kerry Stokes bids farewell as Seven West Media merges with Southern Cross Austereo, reflecting on his legacy, future family involvement, and the company’s changing media landscape.