Unions at The Irish Timeswere told today the company was seeking to shed 250 jobs from its workforce of more than 700.
Senior management told unions at a meeting it was hoped that as many of the redundancies as possible would be voluntary.
The company says it aims to spread job losses proportionately between editorial, commercial, production and central service departments, and at all levels.
Unions were told the company's financial circumstances were such that redundancy packages would not be at levels comparable to those that have been made available in the past.
The Editor, Mr Conor Brady, told the meeting that, although he deeply regretted the necessity for the measures, he was confident The Irish Timeswould maintain its "unchallenged place as the leading newspaper in the country in terms of its authority, its depth and its range of editorial content.
" The Irish Timeswill remain independent of all external interests. It will remain primarily concerned with serious issues. It will continue to provide the most comprehensive news coverage and the most informed opinion and analysis", he said.
The company is now entering a consultative process with unions.
The Dublin Printing Group of unions has said it will consult its members over the next few days and convene to consider its response to the proposals.
"The Group will engage our own financial experts to examine the details," said chairman of the group Mr John White.
"We reject consideration of wholesale cuts and believe they will do long-term damage to The Irish Times".
The National Union of Journalists has said it is "shocked" at the scale of the proposed cuts.
"The NUJ would be very concerned at any proposal which would undermine the editorial integrity of The Irish Times," said Mr Seamus Dooley, Irish organiser of that union.
In a statement, the company said it is "happy to have an early assessment of the company's financial circumstances by an agreed and suitably qualified third party".