Stokes to step down as Seven West chair

In 2011, Western Australian newspapers (WAN) acquired seven media groups for $ 4.1 billion and created seven West Media, the largest diversified media business in Australia.

Behind the first agreement was WA Mining Services Magnate and now seven media and Wan, the billionaire Kerry Stokes. The agreement made him a serious peer for Murdochs and Fairfax media.

But this summit came and went in a few years. Asset disorders, decreasing cash flow and increased debt seven financial wings triggered a number of assets sales, cost reduction tours and the departure of personnel (some of them are caused by sexual and other harassment claims in the clarity). Seven for a long time to employ war criminals, to make rapists platform and to present a continuous scandal and Debacles diet.

At the closing of ASX’s trade on Monday night, the seven Western media shrunk only to 215 million dollars, Stokes’ 40% shares were good and 51% of the family, SGH-now was buried as a 20 billion dollars of congress, mining and construction equipment, oil and gas, oil and gas, other assets. Seven West had a value of only 80 million dollars to SGH, another small investment beach energy, 30% controlled by SGH and close to $ 800 million.

Now, when the merger with Southern Cross is closed, the SGH share in the new company will be reduced to 20%. It is not surprising that Kerry Stokes will retire as seven presidents next February, and leaves his son Ryan as an indifferent representative of the family on the board of directors of the company. The new company will have a chair without stores-and SGH will sell its $ 80 million stake to several institutions. Old media like seven networks and perth right -wing cloth Western Australia (Poor fossil fuel financed Every night Web site) no longer attractive – seven can still be the most watched TV operation in the country, but Netflix, YouTube, Facebook, Tiktok et al.

The future of the Seven will be part of a small local media company with continuous cash and cost problems, and they will send their managers to Canberra to demand more regulatory good and work paper, and they will find that the scope of election campaigns of governments who do not play ball are less than positive. Even now, it is an important threat to political parties, but it decreases as the elderly (except for large sports) is the elderly and a low -income niche habit.

The most striking thing about this agreement is that once again the old media industry does not have money to make great agreements – the agreement completely stocks. Similarly, the sale of 65% of the news Corp in Foxtel earlier this year did not see any cash change – the news had a little more than $ 900 million repaired by Foxtel, and Telstra (other owner of Foxtel), Foxtel’s new owners, received 6% and 3% stock in DAZN. Although this agreement was a paper value of $ 3.4 billion, it was a theoretical figure.

The seven Western-South Cross grave left nine entertainment as the Great Australian media player and had a share of $ 4.2 billion by the merger of nine networks and fairfax media in the middle of the-2018 (albeit only 2.5 cents, albeit only 2.5 cents) and $ 4.2 billion. The next seven years fell to approximately $ 1.9 billion until Tuesday’s Asx Close – another major destruction. Like the seven Wests, he also had the instability of the administration and the board of directors and embraced with allegations of sexual harassment and bullying.

In contrast, consider the major process of electronic arts, the big process of the game giant, a group of investors (including Saudi Money and Donald Trump’s son-in-law Jarred Kushner) 55 billion dollars-the biggest private capital agreement. EA shareholders cash will receive 210 US dollars, 25% premium. EA is not a jewel – The latest three -month file Increased revenues showed, but weak snow and margins. But there More than 700 million users – Users have lost not only here and around the world, but also to the old media, but also on pennants, metas and all other content platforms.