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.
Chief executive Brendon Hill told staff in a meeting that the company was operating in "unprecedented times".