Savage blows to advertising revenues have left non-government media hanging by a thread, leading to cuts and shutdowns.

Media giant NZME has closed one radio station already - Radio Sport - while warning staff of job losses at flagship outlets NZ Herald and Newstalk ZB.

Mediaworks, which operates the only commercial television rival to state-owned TV1 as well as a string of radio brands, has asked employees to take a 15 per cent pay decrease as executives take an even bigger haircut.

And on Thursday morning, staff at magazine publishing house Bauer NZ - the owner of the Women's Weekly - were told on a conference call by chief executive Brendon Hill they no longer had jobs.

Mr Hill said the government's decision to classify magazines as non-essential during the lockdown was a "devastating blow" and left management no choice.

"It has put our business in an untenable position," Hill said, according to the NZ Herald.

"Publishing in New Zealand is very dependent on advertising revenue and it is highly unlikely that demand will ever return to pre-crisis levels."

Prime Minister Jacinda Ardern said she was "extraordinarily disappointed and frankly gutted" to see the closures, before taking aim at the German-owned Bauer for the decision.

Most Kiwi media companies are taking up the government's wage subsidy scheme - similar to Australia's JobKeeper program - to receive lump sums for every employee.

Ms Ardern said Bauer "refused" to do so.

"The government actively sought to assist Bauer through this period of time," she said.

"This appears to have been a decision made at the same time as COVID-19, but not because of it."

Bauer's other titles include The Listener, published since 1939, North & South, Woman's Day and Your Home & Garden.

The publications may find new homes.

The NZ Herald reported that Horton Media would be looking "through the wreckage" of the closure before deciding whether to pick up any titles.

The New Zealand government instituted a vast lockdown last Thursday, classifying most media as essential but leaving out magazines and non-daily newspapers.

A backlash forced the government to reverse its position to allow rural and non-English language publications to operate.

The irony is that audience figures for media are currently booming as more New Zealanders tune in and read about COVID-19.

Mediaworks boss Michael Anderson said forced wage cuts came as his company was in a "fight for survival".

"This is a critical move for our company if we intend to stay operational in the coming months and actively try to avoid large-scale redundancies," he said.

On Thursday, Finance Minister Grant Robertson said the government understood the media industry would need further assistance in the "medium term", meaning weeks ahead.

"We definitely want a plurality of media. The state cannot be the only media (source)," he said.

"We understand the media sector is one of a number of sectors, as we work our way through this, who are looking at recovery plans."

Australian Associated Press