The National Union of Journalists is balloting members over the loss of 15 jobs at three weekly Welsh newspapers, including the Wrexham Chronicle.
The company closing the papers, Trinity Mirror, is the largest newspaper firm in Wales and has made huge share payments to executives earlier this year.
Trinity Mirror publishes both Welsh morning papers, the Western Mail and Daily Post, as well as Wales on Sunday. It also produces a large amount of the country's weekly newspapers - e.g. the North Wales Weekly News, Rhyl Advertiser, Mold and Buckley Chronicle and Holyhead and Anglesey Mail.
The NUJ is now balloting for strike action in defence of jobs and has questioned share 'handouts' to just three executives worth over £800,000 in total.
"It beggars belief that at a time when these directors have been slashing jobs and freezing the pay of those left behind, they have been rewarded so handsomely in this way," said Martin Shipton, NUJ father of chapel at Media Wales.
He said it was unacceptable that the payments had not been publicised when a pay freeze and bonus cut at the company's Media Wales division was announced in November 2008.