Australian media company Fairfax Media Ltd. (FXJ.AU) said Thursday it will cut about 82 sub-editing jobs from its two main Sydney and Melbourne newspapers as part of an efficiency drive aimed at saving 15 million Australian dollars ($16 million) a year.

The company, which publishes The Sydney Morning Herald, The Age and The Australian Financial Review, said in a statement it will move forward with its production efficiency plans after more than a week of staff consultation.

The 82 full-time equivalent sub-editing positions to go will be cut from The Sydney Morning Herald and The Age, it said.

"We have every confidence that the changes we are making in the production process, along with the new management team and the clear strategy we have before us, will create a much stronger, vibrant and profitable company," Chief Executive Greg Hywood said.

Last week Fairfax said it planned to outsource sub-editing jobs to production company Pagemasters, a division of Australian Associated Press, which is part owned by Fairfax and News Ltd. (NWS.AU), the owner of the news wire.

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com

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