KnightRidder.com axes jobs in drive to profitability

KnightRidder.com, internet subsidiary of US newspaper publishing house Knight Ridder, has announced it is to slash its online workforce by 16 per cent in order to reach profitability by the end of 2002.

The company will focus on recruitment classified sales by appointing 34 new people to its sales team, 10 of which will come from the 68 staff axed from 22 offices across the US. KnightRidder.com will also unveil a single platform for its Real Cities Network - a mix of regional hubs specializing in local information and services for over 30 US cities. Hitting the profit target is critical if Knight Ridder is to carry out its plans to spin off the internet business as an independent company.