Stokes Criticizes ‘Foreign Marauders’ as Shareholders Reject Pay Report
Kerry Stokes spoke at his final annual general meeting as chair of Seven West Media, sharply criticizing “foreign marauders” and an unfair tax system amid the company’s declining revenues.
Financial Performance Decline
Seven West Media’s total revenue fell by 4% in the most recent financial year. Group net profit after tax dropped from $67 million in the 2024 financial year to $30 million in 2025.
Challenges in the Media Industry
“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,” Stokes told shareholders in Sydney.
“It’s pretty public challenges that we’ve faced, particularly from the platforms that come in and steal our businesses.”
Shareholders’ Reaction
Shareholders responded negatively, with over 35% voting against the group’s remuneration report, even though executives received no bonuses for missing targets. Investors expressed frustration over not receiving dividends in eight years.
One shareholder commented on the dramatic fall in share value: the price plunged from $5 at purchase—with a 5% dividend—to just 13.5 cents today, with no returns.
Summary
This marks a period of significant financial challenge for Seven West Media, amid fierce competition and shareholder dissatisfaction demanding accountability and change.
Author’s summary: Kerry Stokes highlights external threats and internal struggles at Seven West Media as shareholder discontent grows amid falling profits, no dividends, and a plunging share price.