Stokes Criticizes Streaming Giants Amid Falling Revenues
At Seven West Media's latest annual general meeting, Australian media mogul Kerry Stokes strongly condemned "foreign marauders" and an unfair tax system as key factors behind the group's declining revenues. The company’s total revenue decreased by four per cent in the financial year 2025, and net profit after tax dropped from $67 million in 2024 to $30 million.
Challenges Highlighted by Stokes
"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 accused major platforms of entering the market and "stealing our businesses," presenting public challenges for the industry.
Shareholder Discontent
More than 35% of Seven West Media shareholders voted against the remuneration report, despite executives not receiving bonuses for missing targets. Frustration was also expressed over the absence of dividends for eight years.
"I believe that Seven West media is treating minority shareholders such as my wife and I with contempt, belittling us," stated one shareholder, referencing the group's share price decline from $5 with a 5% dividend to just 13.5 cents today with no cash returns.
Stokes on Dividends
The 85-year-old billionaire chairman empathized with shareholders over the lack of dividends, acknowledging this as a significant concern.
Financial Summary for Seven West Media
- Revenue fell by 4% in 2025 financial year
- Net profit after tax decreased from $67 million in 2024 to $30 million in 2025
- No dividends paid out for eight consecutive years
- Share prices declined dramatically, diminishing shareholder value
Summary: Kerry Stokes criticizes foreign competitors and systemic tax challenges amid Seven West Media’s revenue drop and shareholder dissatisfaction over stagnant dividends and falling shares.