New York Times Cuts Jobs at Internet Unit

The New York Times Co. (NYT Quote) said it's cutting 17% of the staff at its Internet division.

The Times said Sunday the move is a bid to make the unit profitable on a cash-flow basis in 2002. The job cuts will affect 69 people at the unit, called New York Times Digital.

"We continue to be confident about the future of NYTD and about the utility of the Internet as an additional medium through which we can profitably serve our customers - both readers and advertisers," Russell Lewis, president and chief executive officer of The New York Times, said in a statement. "Since its inception, NYTD has demonstrated a tremendous ability to adapt to the changing Internet marketplace."

The New York Times owns a stake in TheStreet.com (TSCM Quote), and the two companies operated a joint newsroom until late last year.