Telstra will take a $300 million impairment charge on its 35 per cent stake in Foxtel after the majority owner of the pay TV network, News Corp, wrote down its value.

The value of Telstra’s stake in Foxtel will decline from $750 million to $450 million.

News Corp earlier said it would take a $1.7 billion impairment charge against its Foxtel and News America Marketing assets.

Online streaming services such as Netflix, Stan and Amazon’s Prime have made it much tougher for Foxtel to win customers in recent years.

The COVID-19 pandemic has also limited one of Foxtel’s key selling points: live sport.

Telstra chief executive Andrew Penn said the telco was likely to make a non-cash adjustment consistent with this valuation at its annual results meeting in August.