Stokes Criticizes 'Foreign Marauders' Amid Falling Revenues
Kerry Stokes, chair of Seven West Media, used his last annual general meeting to sharply criticize streaming giants and the tax system, blaming them for the company's declining revenues.
Financial Decline at Seven West Media
In the latest financial year, Seven West's total revenue dropped by four percent, and net profit after tax decreased from $67 million in 2024 to $30 million in 2025.
Stokes' Statement to Shareholders
“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.”
“It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses.”
Shareholder Frustration
- Over 35% of shareholders voted against the group's remuneration report despite no executive bonuses being awarded for missed targets.
- Investors have expressed frustration over the absence of dividends for eight years.
- One shareholder pointed out the dramatic fall in 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.”
Chairman's Shared Sentiment
The 85-year-old billionaire chairman, Kerry Stokes, acknowledged he understood the disappointment over the lack of dividends.
Summary: Kerry Stokes condemns foreign competitors and systemic challenges as Seven West Media faces declining profits, with shareholders voicing strong dissatisfaction over no dividends and falling share values.