KnightRidder.com to Cut 34 Jobs

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KnightRidder.com

, the Internet unit of

Knight Ridder

(KRI)

, lowered its net headcount by 34 jobs as part of a restructuring move to become profitable by the end of 2002 and concentrate on its CareerBuilder recruitment network.

The company cut 68 jobs in total, or nearly 16% of the work force, but created 34 new positions. KnightRidder.com said the planned restructuring will enable the company to double the size of its online employment sales force. Online recruiting provides 42% of KnightRidder.com's total revenue

Shares of Knight Ridder were recently up 2.4%, or $1.25, to $53.19 on the

New York Stock Exchange

.