The end of Seven West Media, but not of Kerry’s culture
Trading in Seven West Media is now suspended, ahead of the merger with Southern Cross Austereo. But the influence of the Stokes family will continue. This post is for Mumbrella Pro members. A version first appeared in the Best of the Week email
Stokes: Will soon leave the Seven board
Christmas Eve closed a chapter in Australian media, with trading in Seven West Media stocks suspended ahead of the merger with Southern Cross Austereo which completes on January 7.
However, it’s not the end of the book. Seven’s culture existed before SWM, and may yet dominate the new business.
Attention has rightly focused on the fact that at the end of February, SWM chairman Kerry Stokes will retire. But at the age of 85, that was always going to happen at some point.
Four of the seven directors of the new company will still be from the SWM camp – his son Ryan Stokes, Seven’s CEO Jeff Howard, Perth telco business identity Michael Malone and lawyer Teresa Dyson. The three SCA directors – Heath Mackay-Cruise, Marina Go and Ido Leffler – will be outnumbered, even when Mackay-Cruise becomes chair.