Kerry Stokes Bids Farewell to Shareholders as SWM Merges
Although Kerry Stokes will remain chairman for another three months, he said goodbye to shareholders at Seven West Media’s final annual general meeting before merging with Southern Cross Austereo.
Stokes assured attendees that while he will step down in February, his son Ryan will continue on the new board, maintaining the family’s interest through their indirect stake.
Stokes’ Shareholding and Future Role
Stokes owns just under 51% of Seven Group Holdings, which holds over 40% in Seven West Media. After the merger, this indirect ownership will reduce to about 20%.
Comments on AFL and Ratings
In a surprising remark, Stokes criticized Seven’s long-term sports partner, the AFL, for contributing to weak ratings this season.
“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.”
Despite the mixed feelings of shareholders—after witnessing the share price’s rise and subsequent decline—Stokes’s leadership concludes as the company prepares for a new phase.
Author’s Summary
Kerry Stokes prepares to leave Seven West Media’s board following its merger, with his family retaining influence while criticizing AFL’s scheduling impact on ratings.