Nine’s publishing division – which operates the daily mastheads it acquired from Fairfax Media – is to bear the brunt of “millions” in staff cuts planned to offset loss of revenue.

This week the Australian broadcasting and publishing business, which publishes the Sydney Morning Herald, The Age and the Australian Financial Review, as well as websites in Perth and Brisbane, announced it would cut up to 200 jobs.

Chief executive Mike Sneesby said loss of revenue from a weak advertising market was compounded by the loss of revenue from Meta as the tech giant withdrew from its content deals with publishers.

He said that while the business was in a stronger position than its rivals, it still needed to find millions in savings. “Nine is not immune to the economic headwinds which are impacting many businesses globally.

“In order for us to be able to keep investing in digital growth opportunities across Nine, we must continue to responsibly manage costs through the cycle.

“Last financial year we were able to improve the efficiency of our operations but in light of recent market events we are reviewing key parts of our business to identify further potential savings.”

Tory Maguire (pictured), who was appointed publishing managing director in January, announced cuts of 70-90 roles in her division, some of which are already vacant. A further 38 roles will go from Fiona Dear’s news and current affairs division, as part of the “up to 200 jobs” or four per cent of the workforce, to be shed in coming weeks.