Stokes blames 'marauders' as owners reject pay report

Stokes blames ‘marauders’ as owners reject pay report

Australian media mogul Kerry Stokes used his final annual general meeting as chair of Seven West Media to criticize global streaming companies and what he called an unfair tax system that has contributed to the group’s declining revenue.

Falling profits and industry challenges

Seven West Media reported a four percent decline in total revenue for the most recent financial year. Net profit after tax dropped sharply, from 67 million dollars in 2024 to just 30 million dollars in 2025. Stokes described the media landscape as tough and unpredictable, shaped by regulatory uncertainty and mounting international competition.

“The past year has been 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,” said Mr. Stokes during the Sydney meeting.

“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”

Shareholder discontent

Despite executive bonuses being halted due to missed performance targets, over 35 percent of shareholders voted against the company’s remuneration report. Many expressed frustration over not having received dividends for eight years. One shareholder highlighted that the group’s share price had melted from five dollars with a five percent dividend at the time of purchase to just 13.5 cents now, with no returns paid.

“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” one investor said.

Chairman’s reflection

The 85-year-old billionaire acknowledged the shareholders’ disappointment, sharing that he personally understood their frustration over the long absence of dividends and the company’s difficult position amid major industry shifts.

Author’s summary: Stokes sharply criticized global media competitors and taxation policies as investors rejected the pay report and voiced anger over years without dividends.

The Canberra Times — 2025-11-06