Kerry Stokes
Seven West Media chairman Kerry Stokes. (Image: AAP/David Moir)

Forget all the talk from Seven West Media about how it is transforming itself. Focus instead on details buried in its profit report and annual accounts released on Tuesday.

When you do, you'll realise the country’s number two free-to-air TV group is a zombie business sliding to irrelevance as the legacy media sector faces another year of weak revenues and fickle viewers.

The accounts reveal that for all intents and purposes it isn’t controlled by its 40% owner Kerry Stokes’ Seven Group Holdings, or other shareholders, but by its banks led by ANZ.