Southern Cross Austereo (SCA) shares slipped 3.68% following reports of redundancies sparked by a tough advertising market.
A restructure meant 90 jobs reportedly being cut.
SCA wouldn’t confirm the number of roles or departments hit.
"The entire advertising and media sector is operating in a challenging and difficult market and Southern Cross Austereo has and is being equally affected,” a spokesperson says.
"Management, with the support of the board, have conducted a comprehensive review of our workforce structure to provide an effective and efficient organisation for now and into the future.
“These proposed changes will impact some of our people. These decisions have not been taken lightly and we are committed to supporting our people as we work through this process."
SCA’s shares slipped 3.68% yesterday to $0.92 at close. In October, its shares hit a five-year low, falling 23% to $0.885, after reporting its revenue had been impacted by a weak advertising market.
Revenue across metro radio was down by 10.2% to $181.4 million in the September quarter, according to Deloitte data. This is compared to $202.1 million during the same period last year.
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