The ABC understands Network Ten is cutting their news operation in half, axing more than 150 jobs and scrapping programs as it grapples with what one insider has described as their "parlous" financial position.

The troubled broadcaster today announced it will axe their early, morning and late news, as well as breakfast show Wake Up.

The ABC understands 150 jobs will go from across news and operations, with possibly more to go from across the network.

No newsroom has been spared, with all regions seeing drastic cuts. The number of reporters in Sydney is being cut from 17 to seven and the number of camera operators is going down from 12 to five.

The network will also close its Los Angeles and London bureaux. Ten has not yet officially confirmed how many staff will be axed.

In an email to staff, Ten chief executive Hamish McLennan said the programs would go to air for the last time on Friday.

Mr McLennan said the decision was forced by the network's poor ratings, revenue and earnings performance, as well as a soft advertising market.

"It's a tough period for Ten and we need to take some painful, but necessary, measures to restructure the business," he said.

"A review has been conducted to establish a new structure for Ten and to better allocate our resources, with the aim of improving our performance.

"As a result of that review, there are proposed changes to News programs, the structure of News and Operations, and other departments."

Mr McLennan said Wake Up never caught on with viewers.

"Despite the commitment and enthusiasm of its staff, Wake Up has not resonated with enough viewers to make it a viable program," he said.

"It is very disappointing that these programs have not been more successful, but I would like to thank everyone involved with them for their focus, dedication and hard work."

But he said Studio 10 "is performing well and will continue as a vital part of our daytime schedule, which ranks number one".

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In a tweet, former Wake Up producer Adam Boland said: "I feel very sad for all my friends at Ten. Very good people, let down by many things, including my early exit. Thinking of them all."

Mr McLennan said Ten Eyewitness News at 5pm "will continue to be produced locally in each market".

He said Ten would start consulting departments on voluntary redundancies tomorrow.

"The next few weeks will be a difficult and sad period, as colleagues leave the business," he said.

"Let me assure you the changes are not being undertaken lightly. No-one is happy about them, but unfortunately they are necessary.

"To the people affected by today's announcement, please accept my thanks for your important contribution to Ten."

Ten news chief Peter Meakin is reportedly upset at the cuts, given he was brought to the network last year to build its news and currents affairs programming.

The network posted another financial loss last month, triggered by a steep fall in its pre-tax earnings.