Kerry Stokes Bids Farewell to Shareholders as SWM Speeds Up Cuts
Kerry Stokes, while remaining chairman for three more months, said goodbye to shareholders at Seven West Media’s final annual general meeting before its merger with Southern Cross Austereo. He announced he will step down in February but noted his son Ryan will continue on the new board, keeping the family involved through their indirect stake.
Ownership Changes After Merger
Stokes currently owns just under 51% of Seven Group Holdings, which holds over 40% of Seven West Media. Following the merger, this stake will decrease to about 20%, though the 85-year-old expressed continued interest in the business.
Comments on AFL and Ratings Impact
On his way out, Stokes took a notable jab at Seven’s long-term sports partner, the AFL, suggesting they were responsible for this season’s weak ratings. He said 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.”
However, shareholders have mixed feelings, having witnessed the share price rise sharply before declining again during his tenure.
Author’s Summary
Kerry Stokes is stepping down as Seven West Media chairman amid a merger, maintaining family involvement while critiquing AFL’s scheduling for recent rating drops.