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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (9906)	1/7/2001 6:41:11 PM
From: puborectalis	Respond to of 30051

more layoffs.........NY Times Cuts Online Unit Workforce By Ian Simpson NEW YORK (Reuters) - Media company New York Times Co. (NYSE:NYT - news) said on Sunday it would cut 69 jobs, or 17 percent 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,'' Times Co. spokeswoman Catherine Mathis told Reuters. The reductions in the 400-strong work force will take place on Monday. 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 unit posted a cash-flow loss of $18 million in the third quarter as revenues almost doubled from the year before, to $12.1 million. The Times Co., publisher of such newspapers as The New York Times and the Boston Globe, becomes the second big old-media group in four days to outline major job cuts among online workers. Media tycoon Rupert Murdoch's News Corp. (NCP.AX) (NYSE:NWS - news) said on Thursday it would merge its U.S. digital media unit with Fox television as a cost-cutting move. A source told Reuters about half the 400 workers at News Digital Media would lose their jobs. Times Co. in October put on hold plans to launch Times Digital in a public stock offering, citing market conditions. Internet stocks have been pounded in recent months amid uncertainty about the sector. Spokeswoman Mathis said despite the job cuts, Times Digital was still benefiting from strong brand names at the larger company. ``We continue to be confident of our business model and the online advertising industry,'' she said.