NZME has announced the move to cut staff by 15 percent due to struggles retaining advertisement spend, fueled by the Covid-19 pandemic.
While 200 has lost their job due to a new restructuring, the remaining employees are taking pay cuts of 12 percent.
Directors’ fees and the salary of the chief executive have been reduced by 20 per cent.
“With the alert level four lockdown in place, NZME is expecting April 2020 advertising revenues to be approximately 50 per cent lower than April 2019,” the company said in a statement to the NZX.
“While it remains impossible to predict with any accuracy the impact of the pandemic on NZME’s full year financial performance, it is anticipated that revenue will be significantly down on the corresponding period in 2019,” it said.
Earlier this month, Bauer’s closure saw 250 jobs lost, while at NZME many of the job losses are understood to be in sports, and lifestyle and entertainment divisions.
NZME has also temporarily suspended some products, including newspaper-inserted magazines covering real estate, motoring and travel, and reduced its sports coverage and the publication of community newspapers.