Tough times in traditional media have seen Seven mogul Kerry Stokes’ estimated wealth go through one of the biggest falls in this year’s BRW Rich List, which was published today.
According to the list, Stokes’ personal wealth, which comes from both media and the resource industry, fell by $400m to $1.71bn, while his position on the list dropped from number 16 to number 25.
Stokes is the major shareholder in Seven Group Holdings which in turn owns about a third of Seven West Media. SWM’s key assets include the Seven TV network, Pacific Magazines, The West Australian newspaper and joint venture Yahoo7.
The last year saw the share price of SWM drop from a peak of $1.26 to as low as 66c although it has since recovered to $1.07, giving it a market capitalisation of $1.6bn.
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Meanwhile, Bruce Gordon, who owns stakes in Nine and Ten as well as regional network WIN, has lost his billionaire status, according to the Rich List, with a fall in estimated wealth from $1.06bn to $990m, placing him 54 on the list.
Ex adman John Singleton’s wealth rose slightly, to $416m, making him Australia’s 155th richest person.
And former media agency owner Harold Mitchell, who sold to what is now Dentsu Aegis, grew his fortune to $388m thanks to agricultural investments. Mitchell was placed 168 on the list.