Updated ,first published
Billionaire mining and media scion Ryan Stokes is the new chairman of the company that owns the Seven Network along with The West Australian and Triple M, becoming the fourth person to hold the role since the corporation was created via a merger at the beginning of the year.
Stokes’ father, Kerry, stepped down as chairman of the company in February after engineering the merger of his TV and newspaper empire, Seven West Media, with radio company Southern Cross Austereo.
It has been a tumultuous start for the merged company. A number of executives from the Seven side of the business were ousted before the Stokes family took back control in a series of moves culminating in Monday’s announcement that Ryan Stokes would succeed Teresa Dyson, a longtime family associate, as company chair.
The long-time controlling shareholders of Seven had their control of the company halved in the deal. Two weeks ago, the Stokeses bought back into the company for the first time since the transaction, with their as Seven Group Holdings entity – which also owns mining equipment company WestTrac and machinery hire firm Coates – upping its stake in Southern Cross from 20.2 per cent to 23.2 per cent.
Alongside the Seven Network, the company wields significant influence in WA through West Australian Newspapers, located where the Stokes’ mining business largely operates. The company also owns the Triple M and Hit radio networks, and the LiSTNR digital audio platform.
Dyson will remain on the board as an independent director, but there was no room in Monday’s announcement for former Stokes lieutenant Bruce McWilliam, who has emerged as a major shareholder with the financial backing of another Perth-based billionaire, Gina Rinehart.
Stokes said the board’s focus would be to support new chief executive Rohan Lund to deliver on the company’s potential.
“The board is united on building a stronger, higher-performing group and on returns for all shareholders,” Stokes said.
Cathy O’Connor, who led Lachlan Murdoch’s Nova Entertainment radio company for almost 20 years, and was recently chief executive of outdoor media company oOh!media, was also elected as lead independent director. She said the board had established her role, a majority of independent directors, and independent directors of its committees to ensure good governance.
“We are satisfied the board has the independence it needs for the phase ahead,” she said.
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Calum Jaspan is a media writer for The Sydney Morning Herald and The Age, based in Melbourne. Reach him securely on Signal @calumjaspan.10Connect via X or email.
