Stokes Criticizes Streaming Giants as Shareholders Reject Pay Report
Australian media mogul Kerry Stokes used his final annual general meeting as chair of Seven West Media to accuse “foreign marauders” and an unfair tax system of undermining the company’s revenues. The group's total revenue fell by four percent in the latest financial year, while net profit after tax dropped sharply from $67 million in 2024 to $30 million in 2025.
Challenges Faced by Seven West Media
“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 told shareholders in Sydney.
He voiced strong concerns about platforms that intrude and "steal our businesses," highlighting the tough environment the media company operates in.
Shareholder Dissatisfaction
More than 35 percent of shareholders voted against the group’s remuneration report, despite executives receiving no bonuses for missing targets. Frustration among investors also grew due to the absence of dividends for eight years. One shareholder commented on the dramatic fall in share price—from $5 with a 5% dividend at the time of purchase to 13.5 cents with no cash returns today.
“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” the shareholder said.
At 85 years old, Stokes himself acknowledged the impact of the dividend drought.
Summary
Kerry Stokes highlighted external pressures and internal challenges hurting Seven West Media, while shareholders expressed strong dissatisfaction over poor financial returns and lack of dividends.