Nine Entertainment revealed it had paid $77 million of a $305 million deal to air the Paris 2024, Los Angeles 2028 and Brisbane 2032 Olympic Games, which chief executive Mike Sneesby insists will be a profitable gambit for the media company.

The figure was revealed in Nine’s full-year results on Wednesday, in which the company reported lower revenue and a sharp decline in profit. For the year ended June 30, Nine’s net profit was down 22 per cent to $216.4 million on revenue of $2.6 billion, down 3 per cent.