Australia's Southern Cross Media will lay off no more than 300 employees.

Australian media group Southern Cross Media will lay off 250 to 300 employees to cut more costs in the face of a soft television advertising market. Southern Cross, which acquired the broadcast company Seven West Media in January, said on Thursday that it expects annualized cost savings to be between 145 million and 150 million Australian dollars. These cost savings will help offset the impact of ongoing cost increases and provide funding for what Southern Cross called limited investment in growth capacity. Southern Cross said the layoffs will take place by the end of the month and will result in approximately 20 million Australian dollars in one-time restructuring costs.