Australia's Last Media Mogul Steps Down
Kerry Stokes, Australia's final media titan, has chaired his last annual general meeting (AGM) for Seven West Media before stepping aside early next year. At 85, Stokes remains determined to fight for free television in the country.
Criticism of Streaming Services
During his final AGM, Stokes openly criticized Netflix and other streaming platforms regarding their tax practices.
“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.”
Future Plans and Industry Outlook
Stokes described his upcoming move not as stepping down, but stepping back, as Seven prepares to merge with the radio giant behind Triple M and Hit Networks in February.
“The whole industry needs some protection.”
From Humble Beginnings to Media Leader
Following the deaths and retirements of Kerry Packer and Rupert Murdoch, Stokes is often called the last media mogul standing. His journey from a TV aerial installer to a billionaire network owner spans 47 years since first buying into Seven.
“Oh, um, I got lucky.”
Commitment to Quality Broadcasting
Despite challenges, Stokes’ passion for providing quality content remains unwavering.
“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, a self-made billionaire and Australia’s last media mogul, ends his role at Seven West Media but vows to continue defending free TV against streaming giants.