Stokes blames 'marauders' as owners reject pay report

Stokes Criticizes Streaming Giants and Tax System

An Australian media mogul used his last annual general meeting as Seven West Media chair to condemn “foreign marauders” and an unfair tax system, blaming them for the company's declining revenues.

Financial Decline at Seven West Media

Total revenue dropped by 4% in the latest financial year.
Group net profit after tax fell 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,”

“It's pretty public challenges that we've faced, particularly from the platforms that come in and steal our businesses.”

Shareholder Dissatisfaction

More than 35% of shareholders voted against the remuneration report.
No bonuses were paid to executives who missed targets.
Investors expressed frustration over no dividends for eight years.
One shareholder highlighted the share price falling from $5 with a 5% dividend to 13.5 cents and no returns.

Shareholder Concerns and Chair’s Perspective

“I believe that Seven West Media is treating minority shareholders such as my wife and I with contempt, belittling us,” said one frustrated investor.

The 85-year-old billionaire chair empathized with shareholders regarding the absence of dividends.

Author’s summary: Kerry Stokes condemned foreign competitors and tax issues amid steep losses at Seven West Media, while shareholders expressed strong dissatisfaction with financial returns.

The Canberra Times — 2025-11-06

Stokes Criticizes Streaming Giants and Tax System

Financial Decline at Seven West Media

Stokes’ Statement to Shareholders

Shareholder Dissatisfaction

Shareholder Concerns and Chair’s Perspective

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