The New York Times Co. (NYT) - Get New York Times Company Class A Report 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

.

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"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)

, and the two companies operated a joint newsroom until late last year.