‘The public deserve free TV’: Stokes’ final stand after nearly 50 years
Australia's last media mogul, Kerry Stokes, is stepping down from his leadership role but vows to keep fighting for free television. At 85, Stokes chaired his final Annual General Meeting (AGM) for Seven West Media ahead of his planned departure early next year.
Criticism of Streaming Giants
During the meeting, Stokes sharply criticised streaming services like Netflix for their tax arrangements.
“They’ve taken out last year some $6 billion in revenue. They take the advertising and there’s no tax on it. And these people will go on until there’s nothing left,” Stokes said.
Stepping Back, Not Away
Stokes clarified that from February, when Seven merges with the radio company behind Triple M and Hit Networks, he would be stepping back but not fully retiring. He emphasized the need for industry protection.
“The whole industry needs some protection,” he stated.
From Humble Beginnings to Media Titan
Following the death of Kerry Packer and Rupert Murdoch’s retirement, Stokes has been recognized as Australia’s last media mogul. His journey from a poor and dyslexic TV aerial installer to a billionaire network owner spans 47 years since first investing in Seven.
“Oh, um, I got lucky,” Stokes said when reflecting on his success.
Passion for Quality Broadcasting
Despite the challenges, Stokes remains driven by his commitment to delivering quality news, sports, and entertainment to Australians.
“I love the fact that regardless of the headaches, we produce for the Australian public quality news, quality sports coverage and good entertainment.”
Author’s summary
Kerry Stokes, stepping down after decades, continues to champion free TV and criticizes streaming platforms’ tax practices, underscoring his dedication to quality Australian broadcasting.