Fairfax Media will cut 45 jobs through the merger of business reporting across three newspapers and the closure of high-gloss magazine inserts.
The company announced in an email to staff that the jobs would be cut after shutting its glossy Sydney and Melbourne magazine inserts and integrating reporting teams from newspapers The Australian Financial Review (AFR) and BusinessDay (Sydney Morning Herald and The Age).
The company is seeking voluntary redundancies from 25 business media staff and 20 employees from the News Media and Life Media magazine section.
The struggling owners of the Sydney Morning Herald and The Age newspapers last year announced it would cut 1,900 jobs as it restructures amid plunging circulation and advertising revenue. The latest cuts are part of the 1,900 job losses.
The company sacked BusinessDay journalist Paddy Manning earlier this year when he criticised the merger of the business teams in an article, because he believed the AFR was too soft in its reporting on big business.
The head of the company's Australian Publishing Media division, Allen Williams wrote Tuesday's email and meetings are being held with affected staff in Sydney and Melbourne on Tuesday.
"The current revenue environment remains challenging," he told staff.
"While we are satisfied with the actions we are taking to address these challenges, we must also find cost reductions across our business."
The company's shares were flat at 53.5 cents at 1125 AEST.