Bauer Media is making 70 staff redundant in Australia and will temporarily suspend the printing of some of its magazines.
A further 50 staff have been stood down.
The German-owned publisher said weak advertising amid the Covid-19 crisis forced the company to suspend fashion magazines Harper's Bazaar and Elle and gossip weeklies OK! and NW, according to the Sydney Morning Herald.
"The decision to resume print publication will be made once the trading environment improves," the company said.
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Chief executive Brendon Hill told staff in a meeting that the company was operating in "unprecedented times".
Earlier this month, Bauer Media abruptly closed its doors permanently on its New Zealand operations.
That move resulted in the loss of about 300 jobs and the closure of titles such as Woman's Day, New Zealand Woman's Weekly, The Australian Women's Weekly, the Listener, North & South, Next, Metro, Kia Ora, Home NZ and Your Home & Garden.