Southern Cross Media Group (ASX: SXL) is cutting jobs and trimming its earnings guidance as a sharp downturn in advertising, led by a steep fall in television, weighs on its outlook. The media company has announced a cost-reduction program that will see a significant number of roles removed, alongside a downgrade to its financial forecasts, underscoring the pressures facing traditional media businesses in a challenging advertising market.

For investors following the SXL share price and the Australian media sector, the moves highlight how quickly conditions can deteriorate when advertising spending pulls back. With television advertising under particular strain, the company is moving…