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 group's declining revenues.
Financial Decline in 2025
The company's total revenue dropped by four percent in the recent financial year. Net profit after tax fell significantly from $67 million in 2024 to $30 million in 2025.
Stokes' Statement to Shareholders
"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 said in Sydney.
"It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses."
Investor Discontent
More than 35% of shareholders voted against the remuneration report, despite executives not receiving bonuses for missed targets. Many investors expressed frustration over the absence of dividends for eight years.
One shareholder highlighted how the share price plummeted from $5 — with a five percent dividend at purchase — to only 13.5 cents today, without any cash returns.
"I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us," a shareholder remarked.
Leadership Perspective
The lack of dividends is a concern even for the 85-year-old billionaire chair, who empathizes with shareholder frustrations.
Summary: Kerry Stokes condemns foreign competition and tax issues as Seven West Media's profits and dividends fall, sparking shareholder dissatisfaction and highlighting industry challenges.
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