A month before it is to be consummated, the Nine Entertainment takeover of Fairfax Media is already showing the one factor common to media deals in this country -- they destroy value.

Just as with Seven West Media, created with a value of $4.1 billion in 2011, has devolved into a company recently valued at $1.15 billion, the proposed bid for Fairfax from Nine has seen more than $1 billion wiped from the value of the two companies since the deal’s announcement on July 26.