Stokes blames 'marauders' as owners reject pay report - Michael West

Stokes Criticizes Streaming Giants and Tax System at Annual Meeting

An Australian media mogul, Kerry Stokes, used his final annual general meeting as Seven West Media chair to condemn "foreign marauders" and an unfair tax system contributing to the company's declining revenues.

Financial Performance Decline

Seven West Media's total revenue dropped by 4% in the latest financial year. Group net profit after tax fell sharply from $67 million in 2024 to $30 million in 2025.

Challenges Faced by the Media Industry

“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 stated to shareholders in Sydney.

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

Shareholder Discontent

More than 35% of shareholders voted against the group's remuneration report, despite executives receiving no bonuses for missing targets. Investors expressed frustration over the absence of dividends for eight years.

One shareholder highlighted a dramatic fall in share price, from $5 with a 5% dividend at purchase to 13.5 cents today, with no cash returns.

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

Stokes’ Perspective on Dividends

The 85-year-old billionaire chair expressed empathy with shareholders’ concerns regarding the prolonged lack of dividends.

Author’s summary: Kerry Stokes criticized foreign competitors and tax challenges amid Seven West Media’s falling profits and growing shareholder frustration over no dividends and declining share value.

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Michael West Media Michael West Media — 2025-11-06

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