Live: Up to 300 jobs cut at Southern Cross Media, ASX set to fall after Wall Street closed down

Southern Cross Media, the owner of the Seven network, is planning significant workforce reductions, with up to 300 jobs expected to be eliminated. This move comes as the Australian Securities Exchange (ASX) is anticipated to open lower, following a downturn in the Wall Street market. The company's decision to cut jobs suggests potential financial pressures or strategic restructuring within the media organization.

These job cuts and the anticipated market decline highlight potential economic challenges impacting the Australian media industry and its investors.