New York Times to Lay Off 69 at Internet Unit

Media company New York Times Co. said Sunday that it will cut 69 jobs, or 17% of the work force, at its money-losing Internet unit.

The across-the-board job cuts come as the unit, New York Times Digital, faces slowing growth in online advertising.

“The growth in Internet advertising spending . . . is not happening as quickly as we like,” New York Times Co. spokeswoman Catherine Mathis told Reuters.

The reductions in the 400-strong work force will take place today. They will hit employees at all levels in Times Digital’s four offices in Boston; Cambridge, Mass.; Santa Rosa, Calif.; and New York.

The job cuts are aimed at making Times Digital profitable in cash-flow terms in 2002.

The division posted a cash-flow loss of $18 million in the third quarter as revenue almost doubled to $12.1 million from the year before.