According to reports, Channel M's chief executive Mark Dodson told staff of the news yesterday afternoon.
It is now looking for people to take voluntary redundancy. However it will make compulsory redundancies if not enough volunteers come forward.
The Press Gazette reports that as many as 41 out of 74 staff could go.
It follows March's news that parent company MEN Media was to cut 150 jobs and close eight offices in the Manchester area.
These job cuts were part of a separate review to the Channel M decision.
Channel M is a local station dedicated to topics of interest to those in the Greater Manchester area.
It can be viewed online, via terrestrial, Sky and Virgin Media, and there are also plans to put the channel on Freeview come November.
Current stories include a piece on the price of beer and a report that a local woman being tested for swine flu is "highly unlikely" to have contracted the virus.
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