Kerry Stokes Bids Farewell to Shareholders as SWM Expedites Cuts
Although Kerry Stokes will remain chairman for another three months, he said goodbye to shareholders today at Seven West Media's final annual general meeting before its merger with Southern Cross Austereo.
Stokes reminded attendees that while he will step down in February, his son Ryan will continue on the new board, and the family’s indirect stake in the company will maintain his connection.
Shareholding and Merger Details
- Stokes owns just under 51% of Seven Group Holdings.
- Seven Group Holdings holds slightly over 40% of Seven West Media.
- Post-merger, the family’s stake will reduce to approximately 20%.
Comments on AFL and Ratings Impact
In a somewhat unexpected move, Stokes criticized Seven’s long-term sports partner, the AFL, attributing soft ratings this season to their scheduling decisions.
“We expect the poor scheduling from the AFL this year will be rectified in the coming season to help deliver even stronger audiences for our suite of live sport.”
Despite his departure, not all shareholders may part with unanimous gratitude, as the share price has experienced significant fluctuations.
Summary
Kerry Stokes is preparing to leave the Seven West Media board amid a merger, with his family maintaining a meaningful investment, while criticizing the AFL’s recent scheduling for its effect on TV ratings.
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