Kerry Stokes Bids Farewell to Shareholders as SWM Speeds Up Cuts
Kerry Stokes, while staying on as chair for three more months, said goodbye to shareholders today. At Seven West Media's final annual general meeting before its merger with Southern Cross Austereo, Stokes assured attendees that although he will step down in February, his son Ryan will continue on the new board.
The Stokes family will maintain an indirect interest in the company. Stokes owns just under 51% of Seven Group Holdings, which holds a bit over 40% of Seven West Media. After the merger, this stake is expected to decrease to around 20%.
Comments on AFL and Ratings Impact
As he departed, Stokes made a surprising critique of Seven’s long-time sports partner, the AFL, suggesting it was responsible for this season’s weak ratings. He stated at the AGM:
“We expect the poor scheduling from the AFL this year will be rectified in the coming season to help deliver even stronger audiences for our suite of live sport.”
Not all shareholders shared their thanks, as they observed the share price rise sharply before declining.
Summary
Stokes prepares to leave while ensuring family involvement and calls for improved AFL scheduling to boost sports viewership ahead of the SWM merger.
Would you like a more detailed or a simpler version?