Kerry Stokes Bids Farewell to Shareholders as SWM Speeds Up Cuts
Kerry Stokes, while remaining chairman for three more months, said goodbye to shareholders at Seven West Media’s last annual general meeting before merging with Southern Cross Austereo.
Transition and Family Involvement
Stokes reminded attendees that although he will step down in February, his son Ryan will stay on the new board. Additionally, his family's indirect ownership will keep his interest alive in the company.
- Stokes owns just under 51% of Seven Group Holdings.
- Seven Group Holdings holds just over 40% of Seven West Media.
- Post-merger, Stokes’ ownership will decrease to about 20%.
Comments on AFL and Ratings
Before leaving, Stokes indirectly criticized Seven’s long-term sports partner, the AFL, attributing this season’s weak ratings to their scheduling decisions.
“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.”
However, not all shareholders thanked him, as the share price had experienced a significant rise followed by a decline.
Author's Summary
Kerry Stokes prepares to leave Seven West Media's board amid a merger, retaining family involvement while addressing challenges like AFL-related ratings dips.