Non-executive directors Elizabeth Gaines and Holly Kramer will step down from the board of Nine Entertainment, the company announced to the market on Tuesday morning.
This leaves just four board members - former Treasurer Peter Costello, former Nine chief executive David Gyngell, current chief executive Hugh Marks and former Sky Plc executive Catherine West.
Ms Gaines is stepping down because she has been appointed chief financial officer of Fortescue Metals, a role she takes up in early February. She has also resigned as a director of NextDC, the data centre company announced on Tuesday. She was also appointed a director of ImpediMed in early 2016.
Ms Kramer is resigning to "restructure her board portfolio", according to a statement. Ms Kramer is also a director of Australia Post, Woolworths, AMO, Southern Phones, but on Wednesday will announce she is resigning as a director of the Alannah and Madeline Foundation.
"Holly and Elizabeth have both been valued members of the board of Nine Entertainment during their time as directors," chairman Mr Costello said.
"They have also made significant contributions as the Chair of the People & Remuneration Committee and Audit & Risk Committee respectively. I thank each of them for their excellent contribution as directors and wish them both much success in their future endeavours."
The board has started searching for replacements.
Until now, Nine had one of the most gender-balanced boards in the media industry with three women and three men. The company hopes to find replacements quickly and to replace the directors before they leave on February 3.
The company has faced a blizzard of publicity recently with what has become known as "jacketgate" - a leaked video of two presenters arguing over clashing outfits.
