The "head count reduction", which will not include Fairfax's digital and business media operations, is expected to save the company roughly $50 million a year, with the company set to incur a one-off charge of approximately $50 million in redundancy costs.
AAP has reported that approximately 390 jobs will be lost in Australia and 190 in New Zealand, with editorial positions accounting for about a third of these cuts. 
Lay-offs will begin with a voluntary redundancy programme
Lay-offs will begin with a voluntary redundancy programme, with the company yet to determine which staff would be losing their jobs.
Just last week Fairfax announced that its after-tax profits rose 47 per cent to $386.9 million last financial year, just short of the $388.8 million expected by analysts, while overall revenue gained 34 per cent for the year. In briefings for analysts after the result, company executives discussed taking cost-cutting "opportunities" this year, according to a report from the Sydney Morning Herald's website.
Fairfax CEO David Kirk has described the changes, which will be introduced over the next three months, as being part of a Business Improvement Programme.
"With the new organisation structure in place and line management operating effectively, now is the time to launch a third wave of business improvement which will deliver benefits over the next two years," Kirk said. "Media companies fit for the modern media world need to be lean and agile. This far-reaching programme will position us well for the next stage of our growth and development."
Fairfax has said it is looking to streamline editorial production, with plans for a number of sections and special reports to be outsourced, as well as bringing the Sydney Morning Herald and Sun-Herald under a seven-day roster in order to reduce duplication.
The company has also said it will be making further announcements in the coming days that will affect advertising sales and newspaper production at Fairfax's community and regional newspapers.