Fairfax Magazines, a division of Fairfax Media, says its staff have agreed to work a nine-day fortnight.
The Australian-based company says increasing printing costs and declining advertising revenue have forced the company to find ways to cut costs.
Fairfax Magazine's general manager Lynley Belton says she expects to find out next week whether the company meets the Government's criteria for assistance.
Fairfax will then begin negotiations with staff, who are all on individual contracts.
Ms Belton says other divisions of Fairfax Media are also considering a nine-day fortnight.
Fairfax Media is New Zealand's biggest media company and its magazine division comprises just over 100 staff.