The move comes after the company shared financial information with the union on a confidential basis.
NUJ Media Wales FoC Martin Shipton (pictured) said: "The Welsh economy is heavily dependent on the public sector, and there is no doubt that spending cuts imposed by the UK government have resulted in an unprecedented drop in revenue from recruitment and retail advertisers.
"We are seriously concerned about the future of the company and as part of the redundancy consultation process have called on the management to develop a rescue plan for the future in conjunction with the NUJ.
"The company has provided us with financial information on a confidential basis that has led us to reject industrial action as a realistic option at this time. Instead we are working to achieve the best possible outcome in the circumstances, both for those who will be leaving the company and those who will remain."
Under the proposed job cuts, some production jobs would go part-time, with work concentrated at peak hours towards the end of the day. There would be a reduction of eight full-time equivalent posts in production. Ten district jobs would go plus four from the sports department.
- The Welsh Assembly is to launch an investigation later this year in response to widespread cuts to the country’s press and broadcasting industries. A task group will be established in September to look at “emerging and future issues” faced by the media.