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 the national tax system, blaming them for the company’s declining revenues. Seven West’s total revenue fell by four percent over the last fiscal year, with net profit after tax dropping from $67 million in 2024 to $30 million in 2025.
"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,"
said Mr Stokes to shareholders in Sydney.
He further criticized digital platforms for, as he put it, "coming in and stealing our businesses," highlighting the challenges traditional media faces against streaming competitors.
Shareholder backlash
More than 35 percent of shareholders voted against the group’s remuneration report, showing clear dissatisfaction even though executives who missed performance targets received no bonuses. Investors expressed particular frustration that they had not received dividends in eight years.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,"
said one disgruntled shareholder, noting that the company’s share price had fallen from $5 with a 5% dividend at purchase to just 13.5 cents without any return today.
Stokes, 85, acknowledged shareholders’ concerns, noting he too could relate to their disappointment over missing dividends.
Author’s summary
At his final shareholder meeting, Kerry Stokes condemned global streaming platforms and tax rules for eroding Seven West Media’s earnings, while frustrated investors rejected the firm’s pay report amid plunging profits.