Negus and The Circle host Yumi Stynes caused controversy when they mocked Victoria Cross medal recipient Ben Roberts-Smith, joking about his intelligence and sexual abilities on the Channel Ten chatshow.
Both stars later apologised for their comments, but Stynes has received death threats on social networking sites and Negus has now lost out on a corporate hosting gig with Telstra.
The reporter was believed to be being paid $25,000 (£17,000) to compere a Telstra conference in Melbourne later this month but has now been told that his services are no longer required.
The company's spokesperson James Howe told the Sunday Herald Sun: "Based on our strong links to Legacy and our work with troops overseas, Telstra believes it would not be appropriate in light of recent comments to have George Negus MC our event."
Sponsors including Swisse Vitamins, BIG4 Holiday Parks and coffee chain Jamaica Blue have cancelled their advertising contracts from The Circle since the scandal.
Negus recently revealed that Roberts-Smith was not upset "at all" about the jibes when he spoke to him on the telephone.
> Channel Ten: 'We have already apologised for war hero jibes'
> Yumi Stynes's fiancé leaps to her defence after war hero jibes backlash
> The Circle's Yumi Stynes forgiven by war hero for mocking comments