Seven West Media (ASX:SWM) – The last mogul: Sun sets on Kerry Stokes’ media ambitions
38 -year -old De Ceglie, who had never worked on television, was given keys to the kingdom by Stokes, and the movement immediately backfired.
De Ceglie, who came to Sydney with a mission to clean the dead wood and try some left -wing field cheating during the news, won very few friends in Sydney. Rights were universally beets and ratings began to decrease, and Ceglie came out of the door 13 months later.
Then, as Victoria cross-buyer Ben Roberts-Smith supported him financially, Stokes had a role in the insulting case of the century. His slander war against Age, Sydney Morning Herald And Canberra Times. While Stokes ultimately had to pay $ 13.5 million after a futile court war, the overall cost of supporting Roberts-Smith to Kabza cost Stocks much more than that.
Kerry Stokes, Ben Roberts-Smith and Ryan Stokes.Credit: Luke Marsden
When Roberts-Smith started his legal trial against newspapers in 2019, Stokes chose to finance his legal case through his private company Australian Capital Equality (ACE) a year after he committed war crimes during the tour in Afghanistan.
In 2015, Stokes hired Roberts-Smith. General Manager of the company in Queensland. Stokes, who was a lifetime defender for those who worked in the armed forces, was the president of the Australian War Monument in a position he held for 15 years.
“I am Roberts-Smith is innocent and deserves legal representation, which is that filthy journalists must be taken into account and quote me about it,” Stokes said After the annual meeting of Seven West in 2022.
However, supporting the people and giving second chance has always been a big part of what signs Stokes. From Bruce Lehrmann (allegedly He raped Brittany Higgins at the Parliament Building) Craig McLachlan (January 2018 was accused of female artists who were sexually harassed during the stage production of 2014 Rocky Horror Show and then acquitted)– The seven networks always gave leading men a second chance and a space to publish the side of the story.
Seven Group Holding, which has businesses such as building material manufacturer of Stockes and Westrac sales of mining/construction equipment Westrac, was built on hard graft and patience. However, as the Stokes approaches the reins, the text is on the wall for seven Western media.
The financial footprint is part of the past, because according to an old manager who speaks about the state of anonymity, a disabled AFL agreement that debt and income committed on the “house of cards ıyla by 2031.
Ryan Stokes, the boss of Seven Group Holdings, has always been more pragmatic about the media business.Credit: Louise Kennerley
It was late to flow to the party and the pride and joy of Stokes, Western Australia The newspaper became a narrow -minded and predictable sound in a single paper town.
TV business AFL Publications and Night News and the proposed agreement with Southern Cross, Seven’s TV business and Western Australia Together with the Hit Network and the Digital Sound Platform Listnr Triple M, it only values seven West Media, only 13 ¢ sharing, far from about $ 15, which was traded in 2007.
Unlike the Murdochs who have solved a vicious successor war to ensure the future of media empires, Stokes will enter the sunset with question marks about the future of Seven’s media interests.
His son, Ryan Stokes, holds a board of directors in the Consolidian Seven-South Cross Company, while the family’s shares will be cut between 40 and 20 percent.
It leaves the door open for future reduction, and Ryan has a much more pragmatic approach to the media, unlike his father. He understands the power of his influence, but he is aware that seven people are now becoming a smaller fish in a pond where giants live.
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