Journalists at Fairfax Media have voted to strike until Monday following an announcement the company is aiming to cut costs by the equivalent of 120 full-time editorial jobs across its news and business divisions.

The company will continue to publish across print and digital as usual.

'We will shortly enter a consultation period with staff and the MEAA on a proposal to reduce costs across news and business,' Fairfax Media editorial director Sean Aylmer said in an email. Credit:Michel OSullivan

Stop-work meetings were held in Sydney, Melbourne, Canberra and Brisbane on Thursday, hours after news of the proposed cuts broke.

Fairfax, publisher of The Australian Financial Review, The Sydney Morning Herald and The Age, is continuing to cut costs as the media sector grapples with declining print advertising revenue.