Stokes blames 'marauders' as owners reject pay report
Criticism of foreign streaming platforms
Australian media mogul Kerry Stokes used his final annual general meeting as chair of Seven West Media to criticize international streaming companies and the country's tax system, blaming both for the company’s declining revenue.
“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, adding that streaming platforms were “stealing” Australian media businesses.
Financial performance and shareholder response
Seven West Media’s total revenue dropped by 4% in the latest financial year. Net profit after tax fell from $67 million in 2024 to $30 million in 2025.
Shareholders were displeased, with more than 35% voting against the company’s remuneration report despite no bonuses being paid to executives who missed their targets.
Investor frustration and loss of dividends
Investors expressed frustration at not receiving dividends for eight years. One shareholder pointed out that the company’s share price had plunged from $5, with a 5% dividend at the time of purchase, to just 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,”
the investor said. Stokes, now 85, acknowledged he could relate to the disappointment over dividends.
Author's Summary
Kerry Stokes condemned global streaming rivals and a biased tax system for Seven West Media’s declining profits amid shareholder anger and years without dividends.