Stokes Criticizes Streaming Giants and Tax System
Kerry Stokes, Seven West Media's chairman, used his last annual general meeting to condemn "foreign marauders" and an unfair tax environment for the company's declining revenues. The group experienced a 4% drop in total revenue in the latest financial year, with net profit after tax falling from $67 million in 2024 to $30 million in 2025.
Challenges Faced by Seven West Media
“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,” Mr Stokes said during the Sydney meeting.
“It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Discontent
More than 35% of shareholders voted against the company's remuneration report, despite no executive bonuses being awarded for missed targets. Investors expressed frustration over the absence of dividends for eight years. One shareholder highlighted the sharp decline in Seven West Media's share price—from $5 with a 5% dividend at purchase to just 13.5 cents today, without any returns.
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” a concerned shareholder said.
Chairman's Perspective on Dividends
The issue of lacking dividends resonated with Stokes, the 85-year-old billionaire chair, acknowledging its impact on shareholders.
Summary
Kerry Stokes criticized foreign competition and the tax system amidst Seven West Media's financial struggles, while shareholders voiced strong dissatisfaction over poor returns and management.