Australia's Last Media Mogul Steps Down but Fights for Free TV
Kerry Stokes, Australia's last major media titan, has chaired his final annual general meeting for Seven West Media before stepping down early next year. At 85, he remains determined to continue fighting for free television in the country.
Criticism of Streaming Services
During his final AGM, Stokes took aim at streaming platforms like Netflix, criticizing their tax practices:
“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.”
He emphasized the need for industry protection amid the challenges posed by these new competitors.
Transition and Legacy
Stokes described his upcoming departure as stepping back, not stepping down, coinciding with Seven's merger with the radio company operating Triple M and Hit Networks. With the retirements of media icons Kerry Packer and Rupert Murdoch, Stokes has been called the last mogul standing.
From humble beginnings as a TV aerial installer to becoming a billionaire network owner over 47 years, Stokes remains modest about his success:
“Oh, um, I got lucky.”
Despite the challenges, his passion is unwavering:
“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, after nearly five decades in media, steps down but vows to protect free TV from the growing influence of untaxed streaming giants.