This article continues a longitudinal national study of journalism employment in Australia and contributes to new understandings of journalism employment in Australia and Aotearoa New Zealand. Results suggest a shift in the organisational landscape of the media in Australia, with an expansion of large organisations at the ‘top,’ and a considerable loss of small micro-ventures (largely based online) at the ‘bottom.’ Implications include stronger centralised editorial control at the corporate level, urbanisation and homogenisation of media producers and product, and reduced opportunities for creative entry-level roles.