Australia’s Last Media Mogul Steps Down
Kerry Stokes, Australia’s last media titan, has chaired his final AGM for Seven West Media before stepping away from the role early next year. At 85 years old, he insists he will never give up the fight for free television.
Criticism of Streaming Services
During his final annual general meeting, Stokes took aim at Netflix and other streaming services, particularly targeting their tax arrangements.
“They’ve taken out last year some $6 billion in revenue. They take the advertising and there’s no tax on it. And these people will go on until there’s nothing left,” Stokes said.
Transition and Industry Concerns
Stokes clarified that he is preparing to step back, not quit, starting February when Seven plans to merge with the radio giant behind the Triple M and Hit Networks.
“The whole industry needs some protection,” he said.
A Last Mogul Standing
Following the passing of Kerry Packer and Rupert Murdoch’s retirement, Stokes stands as the final media mogul. From humble beginnings as a TV aerial installer and overcoming dyslexia, he has risen to network owner after 47 years since first investing in Seven.
Reflecting on his success, Stokes said,
“Oh, um, I got lucky.”
Passion for Quality Content
Despite numerous challenges, Stokes remains motivated by the value his company provides to Australians.
“I love the fact that regardless of the headaches, we produce for the Australian public quality news, quality sports coverage and good entertainment.”
Summary: Kerry Stokes, Australia’s last media mogul, steps back after nearly five decades, vowing to continue fighting for free TV and a protected media industry.