Kerry Stokes Says Farewell to Shareholders as SWM Speeds Up Cuts
Although Kerry Stokes will remain chairman for three more months, he bid farewell to shareholders today. At Seven West Media’s final annual general meeting before merging with Southern Cross Austereo, Stokes reminded attendees that while he plans to step down in February, his son Ryan will continue on the new board, ensuring the family’s ongoing involvement.
Stokes’ Family Stake Post-Merger
Stokes holds just under 51% of Seven Group Holdings, which owns slightly more than 40% of Seven West Media. Following the merger, the family's indirect stake will decrease to roughly 20%, but Stokes, now 85 years old, will remain interested in the company’s future.
Comments on AFL and Sports Ratings
Surprisingly, Stokes criticized Seven’s long-term sports partner, the AFL, for this year’s weak ratings. Speaking at the AGM, he said:
“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.”
Shareholders’ Mixed Feelings
Not all shareholders thanked Stokes warmly, as the share price experienced a significant rise followed by a steep decline during his tenure.
Author’s summary: Kerry Stokes prepares to leave Seven West Media's board, with his family maintaining influence amid challenges including disappointing sports ratings tied to AFL scheduling.