SEVEN WEST MEDIA Kerry Stokes annual general meeting
Seven West Media chairman Kerry Stokes (Image: AAP/David Moir).

Kerry Stokes as a "canary"? It's an image hard to conjure up but in keeping with that bird’s reputation as being an early warning system for coal miners in the 1800s.

Stokes' main company has issued a new warning on the value of legacy media assets such as TV networks, magazines and newspapers -- and it's something the rest of the industry will have to heed in the next 12 months.