Kerry Stokes

Kerry Matthew Stokes AC is an Australian businessman. He holds business interests in a diverse range of industries including electronic and print media, property, mining, and construction equipment. He is most widely known as the chairman of the Seven Network, one of the largest broadcasting corporations in Australia. He was awarded the Order of Australia in recognition of his contributions to Australian business. He was ranked 785^th on the Forbes list of billionaires in 2008. [http://www.forbes.com/lists/2008/10/billionaires08_Kerry-Stokes_0595.html]

Biography

Early life

Kerry Stokes was born John Patrick Alford on September 13, 1940, in Perth and was adopted out to Matthew and Irene Stokes. In June 2000, Stokes told the ABC [John Birmingham, "The Outsider", The Monthly, April 2006, pp. 40-46.] , "My background was very difficult, very hard and I wouldn't wish that on anybody. I had lots of different occupations and obviously lots of different experiences. I had some time on the street, and sometimes, work was very difficult. Australia, in that period of time, wasn't a place where you could actually easily go and get a job, it was difficult, and we went where there was work available".

Career

Stokes' first reported job was to install TV antennas in Perth, followed by a sustained period in property development throughout the 1960’s and 1970's. He also developed a range of shopping centres in Perth and regional Western Australia with partners Jack Bendat and Kevin Merifield.

His private company, Australian Capital Equity (ACE), is the holding company for Stokes' interests in a diverse range of Australian and international businesses and ventures covering property, construction, mining and petroleum exploration.

He invested in the Caterpillar franchise in Western Australia (Wigmores Ltd) in 1988, and the company now called WesTrac, has equipment dealer franchises in Western Australia, New South Wales, the Australian Capital Territory and nine provinces across China, with the total number of employees close to 4,000 people, as well as 500 apprentices in Australia.

In 2007, Stokes formed a joint venture with The Carlyle Group to acquire the equipment hire group Coates Hire Ltd from National Hire Ltd (over 50% owned by WesTrac)

Media Interests

Stokes' commercial interests in the media sector comenced in Western Australia, with the development of the Golden West Network, a regional television network based in Bunbury in partnership with Jack Bendat. In 1979 Stokes acquired Canberra’s local TV station Seven Canberra, subsequently acquiring Seven Adelaide from Rupert Murdoch and won the TEN license in Perth, as well as acquiring radio stations in Victoria, South Australia and Western Australia, through a vehicle called BDC. These assets were sold to Frank Lowy in 1987.

In 1996 Stokes acquired a strategic 19 per cent stake in the Seven Network (now about 43 per cent), a network of commercial free-to-air television stations in Sydney, Melbourne, Brisbane, Perth and Adelaide, as well as regional Queensland. The platform, as well as a 33 per cent stake in Sky News Australia, now reaches 98 per cent of Australians. Seven has also established a major magazine publishing business, Pacific Magazines, which now accounts for more than 20 per cent of all magazines sold in Australia.

Also under Stokes' leadership, Seven has established a leading online venture, Yahoo!7, combining the strength of Yahoo!'s search and online capabilities with Seven's content and cross marketing. This venture now is Australia's most popular internet portal and the joint venture is driving a range of online and IPTV businesses. Seven is building and acquiring a range of broadband businesses, including wireless broadband group Unwired, VOIP operator Engin and has become the Australian licensee for TiVo [Joint Seven and TiVo announcement – May 30, 2007] , due to be launched in 2008. The group has also established a strategic 20 per cent shareholding in West Australian Newspapers Ltd.

In 2006, Seven Network and Kohlberg Kravis Roberts & Co (KKR) [Damon Kitney and Brett Clegg, “Stokes, KKR in $3.5bn Seven deal”, Australian Financial Review pp 1 and 14.] created a new joint venture, Seven Media Group, a multi-faceted media company combining a market-leading presence in broadcast television, magazine and online applications.

Stokes' private company, in conjunction with Shanghai People's Press, currently operates a joint venture with the English language Shanghai Daily Newspaper and a second joint venture in mobile television with the Oriental Pearl Group in Shanghai. Seven held the Australian broadcasting rights for the 2008 Summer Olympics in Beijing and provided the broadcast feeds for the swimming and diving events for the rest of the world. The International Olympic Committee awarded Seven the Gold Medal for its TV coverage of the Athens Summer Olympics in 2004.

Other achievements

Stokes is the recipient of one of the country's highest honours, being appointed a Companion in the General Division of the Order of Australia (AC). His passionate interest in art coincides with his long association with the National Gallery of Australia, where he served as chairman for several years and has made multi-million dollar donations.

He has also been awarded the Rotary Paul Harris Fellow Award by Rotary International and holds a life membership of the Returned and Services League of Australia, on whose behalf Stokes has acquired three Victoria Cross, as well as other medals. These medals have been added to the collection of the Australian War Memorial in Canberra. He now sits on the council of the memorial.

In 1994, Stokes delivered the Boyer Lectures, a series of five lectures broadcast annually on ABC radio. His series was entitled “Advance Australia Where?” on the topic of the Information Superhighway [http://www.abc.net.au/rn/boyerlectures/about/] . He delivered the Andrew Olle Memorial Lecture in October 2001. [http://www.abc.net.au/corp/pubs/media/s512829.htm]

Victoria Cross

Kerry Stokes has taken an active role in preserving Australian ownership of significant military heritage, he has now purchased three Australian Victoria Cross medal sets, and a George Cross medal set. Stokes has purchased all four sets via auction from Bonhams & Goodman of Sydney, Australia. The first being the VC medal set of Captain Alfred John Shout, paying a world record price of AU$1.2 million on the 24 July2006. [ [http://www.bonhamsandgoodman.com.au/lot_details.php?lot=14665&view=results&year=2006&offset=0 Bonhams & Goodman] - Lot No. 1078] In the same auction, he purchased the GC medal set of Lieutenant Commander George Gosse for AU$180,000. [ [http://www.bonhamsandgoodman.com.au/lot_details.php?lot=14667&
] - Lot No. 1079] On the 28 November of the same year, Stokes purchased the VC set of Lance Corporal Bernard Gordon for AU$478,000. [ [https://www.bonhamsandgoodman.com.au/lot_details.php?lot=21102&
] He has donated all three sets to the Australian War Memorial.

On the 20 May2008, Stokes, in conjunction with the South Australian Government, purchased the Victoria Cross medal set of Major Peter John Badcoe for AU$480,000. [ [http://www.bonhamsandgoodman.com.au/lot_details.php?lot=57540&auction=223 Bonhams & Goodman] - Lot No. 25] It has been stated that the medals will go on public display in Adelaide for twelve months before going on show at the Australian War Memorial in Canberra. [ [http://www.bonhamsandgoodman.com.au/about_auction_news_view.php?article=181 Bonhams & Goodman] - MYSTERY BUYER OF VIETNAM WAR VICTORIA CROSS AND BURKE AND WILLS BREASPLATE REVEALED]

References