Readers of Fairfax newspapers saw a thinner version on Thursday after around 800 journalists walked off the job on Wednesday afternoon.
Thursday and Friday's copies of the Sydney Morning Herald, the Age, the Financial Review and other Fairfax papers are being put together by a skeleton staff.
The strike is against plans to cut 66 jobs at the Illawarra Mercury, the Newcastle Herald and seven community papers, and move some production work on the titles offshore to New Zealand.
Media, Entertainment and Arts Alliance secretary Chris Warren says the cuts put the future of the papers at risk.
The ABC reports the share price of Fairfax was 67 cents on Wednesday, after being at $A5 five years ago.