Stokes Criticizes Streaming Giants and Tax System
Kerry Stokes, chair of Seven West Media, used his latest annual general meeting to sharply criticize "foreign marauders" and an unfair tax system contributing to the company's declining revenues.
Financial Performance Decline
Seven West Media experienced a 4% drop in total revenue for the latest financial year. Net profit after tax fell dramatically from $67 million in 2024 to $30 million in 2025.
Challenges in 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."
Stokes highlighted that the company faces aggressive competition from streaming platforms encroaching on their market.
"It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses."
Shareholders’ Reaction
More than 35% of shareholders opposed the remuneration report, despite no bonuses being paid to executives who missed targets.
Investors expressed frustration over not receiving dividends for eight years. One shareholder noted the company's share price plunged from $5 with a 5% dividend at purchase to 13.5 cents with no returns today.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us."
Chairman's Perspective on Dividends
The 85-year-old billionaire chair identified personally with shareholders disappointed by the ongoing absence of dividend payments.
Summary: Kerry Stokes condemned foreign competition and regulatory issues as key drivers behind Seven West Media’s financial struggles, reflecting growing shareholder dissatisfaction over falling profits and the lack of dividends.