Seven West's Kerry Stokes Steps Down Amid Market Indifference
Kerry Stokes, the billionaire chairman of Seven West Media based in Western Australia, has announced his decision to step down. The announcement follows the company’s recent agreement to merge with Southern Cross Media Group.
Earlier this week, an independent assessment by Kroll Australia Pty Ltd supported the merger, confirming that the deal aligns with the best interests of Southern Cross shareholders. Despite Seven West Media’s strong performance in televised sports, market reaction remained flat.
“Seven West Media’s ‘7’ network continues to dominate the Australian sports scene for the year ahead.”
As of 1:30 PM AEDT on Thursday, trading volume was minimal—only around $7,000 worth of shares had changed hands. This scarcity in activity resembled what’s typical of small-cap resource firms rather than a major media network.
Such lack of movement suggests that the company’s appeal to investors may be waning. Meanwhile, Southern Cross Media shares fell 1.7% intraday to 85 cents but remain up 41% year-to-date.
Stokes’s departure raises speculation about his broader motives and the future direction of the merged media entity.
Author’s Summary
Despite Kerry Stokes’s exit from Seven West Media after approving the Southern Cross merger, market apathy highlights how investor enthusiasm in mainstream media is fading.