Stokes Blames 'Marauders' as Owners Reject Pay Report
Australian media mogul Kerry Stokes, chair of Seven West Media, criticized streaming giants and the tax system during the group's latest annual general meeting. He blamed "foreign marauders" for the company's declining revenues.
Seven West Media reported a 4% drop in total revenue for the most recent financial year. Net profit after tax fell sharply 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,” Mr. Stokes said in Sydney.
Stokes added,
“It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses.”
Shareholders expressed their dissatisfaction as more than 35% voted against the company’s remuneration report. This was despite executives not receiving bonuses after missing targets.
Investor frustration grew over the lack of dividends in eight years. One shareholder highlighted how the share price plummeted from $5, with a 5% dividend at purchase, to just 13.5 cents today, with no dividends returned.
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” the investor remarked.
Chairman Stokes, 85, empathized with shareholders over the absence of dividends.
Summary: Kerry Stokes criticized foreign competitors and regulatory pressures for Seven West Media's financial struggles, while shareholders voiced frustration over poor profits and a long absence of dividends.