Media moves at Seven and Nine
After a 30-year run, billionaire businessman Kerry Stokes will step down as the executive chairman of Seven Group Holdings in November. It’s the conglomerate that has investments in media, tractors and building materials. He will remain as chairman of Seven West Media (aka the Seven Network and West Australian newspaper). Stokes’ backstory is legendary. He was an orphan raised by an adopted family in a poor part of Melbourne, and he built the business from scratch. At 80yo, he’s remains one of Australia’s most prominent business leaders and philanthropists. Still, the market seemed more interested in Seven West Media’s underlying profit jumping 22% to $57 million last financial year… Seven’s rival Nine Entertainment also turned a profit – $184 million of it. Newly installed boss Mike Sneesby said the company could ride out the COVID wave thanks to good revenue coming in the door via broadcasting (Nine) and streaming (Stan). Investors weren’t impressed: Nine’s share price was down 9.7% yesterday. Ouch…
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