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But it also holds a controlling stake in Seven West Media, the owner of the Seven Network and publisher of The West Australian newspaper.
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Unlike the rest of the business, which recently recorded a 30 per cent jump in post-tax profit, the value of its media arm has nosedived under the weight of a weak advertising market and shrinking audiences.
Seven West Media has also grappled with major cultural issues – much like its major competitor Nine, owner of this masthead – with an ABC Four Corners investigation revealing allegations of bullying, harassment and misogynistic treatment in its newsrooms.
Stokes attempted to pour cold water on rumours he and his father disagreed on the future of the company’s $256 million media business.
He conceded the operating model needed a “reset” and that the business would need to consider how to better monetise its product, but insisted he still believed the businesses assets had potential.
“This issue is how to make sure we have an efficient cost structure to respond to that [market change],” he said.
“It’s a structural change that a lot of businesses go through. It’s challenging and powerful, but we’ll be stronger for it.”
Stokes indicated he believed the federal government was unfairly bearing the burden of the housing shortage, labelling its shift to a government obligation “bizarre”.
But he said the government’s housing target was a positive move, given housing starts were almost half the amount needed to meet future demand.
Stokes has served as managing director of Seven Group Holdings for just shy of a decade.
He also serves as chief of his father’s private firm Australian Capital Equity, which counts its 34.4 per cent shareholding in SGH among its key investments.
Seven Group shares have climbed 13.5 per cent over the course of the year to $42.20.
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