Australia’s Last Media Mogul Kerry Stokes Steps Back
Kerry Stokes, Australia’s last media titan, has chaired his final annual general meeting (AGM) for Seven West Media as he prepares to step away from the top role early next year. Despite retiring, the 85-year-old assures he will continue fighting for free television.
Criticism of Streaming Services
At his final AGM, Stokes criticized Netflix and other streaming platforms over their tax practices. He highlighted the substantial revenue these services generate without paying corresponding taxes, warning of a threat to the industry.
“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.”
Future Role and Industry Challenges
Stokes clarified that he will step back but not completely withdraw from the media business when Seven merges with the radio company behind Triple M and Hit Networks next February. He emphasized the need for protection across the entire industry.
“The whole industry needs some protection.”
A Journey from Humble Beginnings
Known as the last mogul standing following the deaths or retirements of contemporaries like Kerry Packer and Rupert Murdoch, Stokes rose from being a TV aerial installer to becoming a billionaire media owner over 47 years.
“Oh, um, I got lucky.”
Commitment to Quality Media
Through all the trials, Stokes remains motivated by his commitment to providing quality news, sports, and entertainment for the Australian public.
“I love the fact that regardless of the headaches, we produce for the Australian public quality news, quality sports coverage and good entertainment.”
Author’s Summary
Kerry Stokes, stepping away from active leadership, remains a steadfast advocate for free TV and fair industry practices after nearly five decades shaping Australian media.