News

Mar 25, 2009

Kerry Stokes — Australia’s last media magnate

Kerry Stokes is the last media magnate/billionaire standing in this country, writes Glenn Dyer.

It's tough being a junior media magnate when, after a couple of badly timed or ill-thought out decisions, you find yourself a bit short of the readies when the banks come calling. John B Fairfax has felt the ignominy of being unable to keep up appearances by falling short of the millions needed to maintain his family's position at the former family company. Now Paul Ramsay, the boating media and health care magnate in Sydney, has found himself short of enough loot to keep up appearances at one of his family companies, Prime Media.

So what did he do? He phoned a friend in Kerry Stokes, who obliged and put his hand into Seven's kick and came up with a spare $25 million. Just a call and Kerry Stokes got Seven network to chip in to the much needed $100 million-plus fund raising for Prime Media Group.

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