(Image: AAP/Joel Carrett)

The COVID-led destruction of Australia's news media revenue has continued with Nine Entertainment announcing $702 million of impairments, weaker revenues and earnings — except for streaming service Stan — and a lower dividend.

The pandemic and lockdowns have not left a single company in the media sector untouched, especially News Corp with its US$1.5 billion (A$1.8 billion) loss for the year and the massive write down at Foxtel, and Seven West Media’s $200 million loss, reported on Tuesday.

But Nine's broader business base helped it offset weaknesses in free to air TV and newspapers. Domain, the real estate listings company 59% owned by Nine, suffered a 10% fall in revenue and a 17% drop in earnings, while its digital and publishing arm (home to The Sydney Morning Herald, The Age and The Australian Financial Review) saw a 9% drop in revenue and a 19% fall in earnings to a weak $92 million.