Stokes Criticizes Streaming Giants and Tax System
Australian media mogul Kerry Stokes used his last annual general meeting as Seven West Media chair to condemn "foreign marauders" and an unfair tax system for the company's declining revenues. In the latest financial year, Seven West's total revenue fell by four percent, while net profit after tax dropped from $67 million in 2024 to $30 million in 2025.
Challenges Facing the 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," Mr 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 expressed dissatisfaction with the company's performance. Over 35 percent voted against the remuneration report, even though executives received no bonuses for missing targets. Investors were particularly frustrated by the absence of dividends for eight years.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us," one investor remarked, highlighting that the share price fell from $5 with a five percent dividend at purchase to 13.5 cents today, without any cash returns.
Chairman’s Perspective on Dividends
The 85-year-old billionaire chairman acknowledged the issue with the lack of dividends, expressing empathy toward shareholders’ concerns.
Summary
Kerry Stokes sharply criticized foreign competition and regulatory challenges amid declining profits, while shareholders protested the lack of dividends and poor returns on investment.